The Phenomenology of Banking in Iranians' Everyday life with a Focus on Generation Y and Z Consumption

The rapid development of technology and the entry of Generation Z into the circle of technology consumers, along with major transformations such as the COVID-19 pandemic, have led to fundamental changes in many industries. The banking industry has not been immune to these changes, and banking is no longer in the traditional sense of going to an institution with multiple branches and having a physical presence in them, but is in the process of becoming completely digital and branchless, under the title of neobanks. In other words, at the macro level, demographic changes in the consumption system and then the coronavirus created a serious demand for neobanking services and ultimately brought neobanks from the niche level to the socio-technical regime level; so much so that from 2020 to 2022, 9 Iranian neobanks have hosted more than 10 million users, and a significant part of the root of this transition and the spread of new technology in the consumer perception layer can be analyzed. Therefore, understanding this phenomenon from the consumer's perspective seems necessary to analyze the banking transition. This research, by examining the lived experience of people in using neobanks, intends to provide a suitable definition of the new banking method in the context of the daily life of Iranian society with a focus on generations Z and Y. Therefore, using Moustakas' phenomenological method, after conducting in-depth interviews with 15 purposive samples, structural and contextual descriptions were extracted and finally, in the form of 5 main themes in the consumption pattern experience of these two generations, including 1. Completely digital experience, 2. Minimal user experience, 3. Useful experience, 4. Security and trust experience, and 5. Prestigious consumption experience were articulated as the drivers of the transition.