Assessing digital innovation and work attitudes of Millennial and Gen Z employees in banking/fintech sectors

By Dr. Prince Osei HYEAMAN-ADDAI

Ghana’s digital and financial sector has undergone one of the fastest and most profound digital transformations in Sub-Saharan Africa, positioning the country as a regional leader in fintech innovation and financial inclusion. From the launch of mobile-money interoperability in 2018 to the growing adoption of robotic process automation (RPA), generative AI (GenAI), and open banking APIs by the next few years, digital innovation has become the cornerstone of competitiveness for both traditional banks and emerging fintech players (Bank of Ghana, 2025; PwC Ghana Banking Survey, 2025).

According to the 2025 PwC Ghana Banking Survey, 68percent of the leadership of banks reported adoption of Generative AI (GenAI) in 2024, and this is driving significant improvements in operational efficiency (47percent of banks) and profitability (43percent) through use cases like fraud detection, customer personalisation, and automated workflows. In the same vein, the Ghana Association of Banks admits that while the growth in AI adoption is encouraging, the industry is still at its early stages, given that most banks are currently focused on “back-office applications such as compliance, fraud detection, and data analytics, with limited customer-facing innovations with the new technologies”.

Essentially, the growth in banks’ digital transformation is highlighted by robust sector growth: total industry deposits rose 32.2percent from GH¢201.73 billion in 2023 to GH¢266.73 billion in 2024, driven by digital channels (MyJoyOnline, 2025). Moreover, over 97percent of digital transaction volumes and 72percent of transaction values are now processed via mobile money platforms, with traditional bank digital channels contributing less than 1percent of volume, highlighting the dominance of fintech-led ecosystems (Bank of Ghana, 2025).

As of early 2025, Ghana boasts of 57 licensed fintech entities—up from previous years—and a projected fintech market value of US$18.6 billion by year-end, reflecting an octuple increase driven by mobile money wallets exceeding 24.4 million active users (Bank of Ghana, 2025a; GhanaWeb, 2025). The working environments of both banks and fintech companies are racing forward in improving the digital economy of the country.

Working environment of banking employees

While much of the existing literature has understandably focused on customer-facing outcomes—financial inclusion rates nearing 96percent for adults, e-commerce growth, and transaction efficiencies—relatively little attention has been paid to the internal workforce resources that design, implement, and operate these technologies daily (KPMG Ghana, 2025; Statista, 2025). This oversight is particularly acute in Ghana, where the financial services sector employs an estimated 35,000–45,000 formal workers, yet faces persistent challenges in talent retention amid a broader labour market strained by high youth unemployment (Ghana Statistical Service, 2024).

Nationally, Ghana’s labour force averaged 14 million persons aged 15 and older in 2024, with over 85percent employed each quarter, but informality remains rampant—over 50percent of employed women are self-employed without employees, and private credit expansion has been limited despite asset growth (World Bank, 2025; Bank of Ghana, 2024). The sector’s net interest income is projected to reach US$6.33 billion in 2025, with a compound annual growth rate (CAGR) of 4.10percent through 2030, yet this expansion hinges on a digitally skilled workforce capable of navigating AI, cybersecurity, and data analytics demands (Statista, 2025). It is critical that the workforce remains excited about the digital tools they will continue to use in driving value for the sector and the economy.

This disparity becomes even more pronounced when examined from a generational perspective. Ghana’s population is predominantly youthful, with more than 57percent under the age of 25 and individuals aged 15–24 representing roughly 65–70percent of the working-age population (Ghana Statistical Service, 2024; Afrobarometer, 2023). Within the banking and fintech sectors, Millennials (1981–1996) and Generation Z (1997–2012) now account for over 70percent of new hires, mirroring global patterns where these cohorts are projected to comprise 27percent of the total workforce by 2025 and dominate entry- to mid-level roles (Ghana Statistical Service, 2024; EY, 2025).

However, this demographic advantage faces significant risk: although Ghana’s overall unemployment rate declined slightly to 13.1percent in Q4 2024, youth unemployment remains critically high at 32percent for ages 15–24 and 22.5percent for ages 15–35, underscoring persistent skills gaps in areas such as digital banking and AI oversight (Ghana Statistical Service, 2025; MyJoyOnline, 2025). These new-generation employees are true digital natives (Prensky, 2001; Twenge, 2017), shaped by the rapid expansion of mobile money—from 4 million accounts in 2012 to nearly 60percent population coverage by 2024—the COVID-19-driven shift to remote work, and the widespread adoption of Generative AI.

Internet penetration stands at 70percent and mobile connectivity at 113percent as of early 2024, with mobile data traffic surging 16.7percent year-on-year to over 512 billion in Q1 2024, enabling 8.4 million active social media users (25.1percent of the population) who increasingly demand tech-enabled, flexible careers (KPMG Ghana, 2025; DataReportal, 2025; Modern Ghana, 2025).

Consequently, these generational cohorts increasingly demand technology-enabled, flexible careers, viewing digital tools not as optional but as a baseline for meaningful work, while prioritising purpose, continuous learning, and work–life balance over traditional incentives. (Deloitte Global Gen Z & Millennial Survey, 2025; Asiedu et al., 2023).

Emerging evidence suggests that when digital innovation is implemented thoughtfully, it acts as a powerful job resource that increases autonomy, skill variety, task significance, and feedback—core antecedents of positive work attitudes under the Job Demands-Resources (JD-R) framework (Bakker & Demerouti, 2017). In the Ghanaian banking context, automation of routine tasks, AI-driven analytics dashboards, and cloud-based collaboration tools have been shown to reduce monotony and enhance perceived meaningfulness, particularly among younger employees who report 76percent higher skill acquisition and 73percent increased creativity from GenAI exposure (Afriyie et al., 2024; PwC Ghana Banking Survey, 2025).

Conversely, poorly managed digital transformation can induce technostress and fears of job displacement, effects that appear significantly weaker among Gen Z digital natives (Tarafdar et al., 2021; Twenge & Campbell, 2023). Ghanaian banks, including leaders like Ecobank Ghana PLC, Fidelity Bank Ghana, GCB Bank PLC, and Stanbic Bank Ghana, have retained market dominance through expansive digital strategies, yet executives cite talent attraction and retention of tech-savvy youth as their top human capital challenge amid regulatory pushes like the Bank of Ghana’s new Five-Year Digital Payments Strategy (2025–2029), which emphasizes workforce reskilling for security and innovation (MyJoyOnline, 2025; Bank of Ghana, 2025c).

This present article investigates the mechanisms through which digital innovation affects work attitudes of Millennial and Gen Z employees in Ghanaian banks, with generational cohort theorised as a moderator. We test the reality with a moderated mediation model in which perceived usefulness and hedonic motivation mediate the relationship between digital innovation exposure and positive work attitudes, with stronger effects expected for Generation Z.

Generational differences in technology and work attitudes

Empirical comparisons as submitted by various publications are shown in the table below:

Table 1: Key Generational Differences in Work-Related Variables: Millennials vs. Generation Z

No	Work-Related Variable	Millennials (1981–1996)	Generation Z (1997–2012)	Strength of Difference	Key Ghana/Africa Evidence
1	Technology relationship	Early adopters – learned tech gradually	????? True digital natives (smartphone from childhood)	????? Very Large	Afriyie et al. (2024); PwC Ghana (2025)
2	Expected workplace technology	Advanced tools desired	????? AI, GenAI, RPA expected as default	????? Very Large	PwC Ghana Banking Survey (2025)
3	Technostress level	Moderate to high	????? Very low – upgrades feel normal	???? Large	Afriyie et al. (2024); Tarafdar et al. (2021)
4	Preference for work–life balance & flexibility	Very high	????? Non-negotiable – will leave if absent	???? Large	Asiedu et al. (2023); Deloitte (2024)
5	Importance of meaningful/purpose-driven work	High	????? Highest priority of any generation	???? Large	Anlesinya et al. (2019); Deloitte (2024)
6	Desire for continuous learning & development	Very important	????? Top driver of employer choice	????? Very Large	PwC Ghana (2025); Asiedu et al. (2023)
7	Attitude toward automation & job security	Some fear of displacement	????? Pragmatic – accept if upskilling provided	??? Medium–Large	World Bank (2023); Afriyie et al. (2024)
8	Preference for autonomous work	High	????? Dislike micromanagement intensely	???? Large	Twenge & Campbell (2023)
9	Value placed on rapid feedback & recognition	Important	????? Expect real-time, gamified feedback	???? Large	Deloitte (2024)
10	Expected tenure with one employer	3–5 years	????? 1–3 years max if growth stalls	???? Large	Gallup (2024); McKinsey Africa (2024)
11	Response to digital training & upskilling	Positive when offered	????? See it as personal brand investment	???? Large	IFC/World Bank (2023); PwC Ghana (2025)
12	Importance of DEI & ethical practices	Very important	????? Non-negotiable screening criterion	??? Medium–Large	Deloitte Global (2024)
13	Entrepreneurial intention	Moderate to high	????? Very high – side hustles almost universal	???? Large	GEM Ghana (2024)
14	Primary job satisfaction drivers	Pay growth culture	????? Learning modern tech purpose flexibility	????? Very Large	Asiedu et al. (2023); PwC Ghana (2025)

Visual Legend ????? = Extremely strong characteristic ????? = Very weak/absent ????? = Very Large difference (Cohen’s d > 0.80) ???? = Large (d = 0.50–0.79) ??? = Medium–Large (d = 0.30–0.49)

Note. Differences are statistically significant in large-scale studies and Ghanaian banking research (2023–2025). Gen Z consistently shows stronger alignment with digitally innovative workplaces.

(Sources: Twenge, 2023; Deloitte, 2024; PwC Ghana Banking Survey, 2025; Asiedu et al., 2023)

Effects of digital innovation on employee attitudes

When supported by training, digital transformation positively predicts job satisfaction and engagement; without support, it can induce technostress—though this effect is weaker among digital natives (Tarafdar et al., 2021; Afriyie et al., 2024).

Banking studies confirm that digital tools improve work attitudes by:

• Reducing repetitive work and increasing autonomy
• Enhancing perceived meaningfulness and skill utilisation
• Boosting creativity and learning—outcomes reported by 73percent and 76percent of Ghanaian bank employees using GenAI (PwC Ghana Banking Survey, 2025)
• Improving the experience of working from anywhere without limits

Moderating role of generation cohorts

Generational moderation exists among banking employees as related by a few Ghanaian studies, thus:

• Technology sophistication is a stronger predictor of employer attractiveness for Gen Z than Millennials in Ghana.
• The Positive relationship between digital tool adoption and job satisfaction is significantly stronger for employees under 30 in Ghanaian banks.

These findings align with Mannheim’s (1952) prediction that cohorts formed during rapid technological change respond more positively to further innovation.

Enhancing with qualitative interview

Twenty-five (25) banking professionals across the generational cohorts were interviewed by the current writer, and they confirmed the pattern that Gen Z participants repeatedly described digital tools as “fun,” “natural,” and “liberating,” whereas Millennials more often framed them as “useful but tiring” or “another thing to learn.” This aligns with Mannheim’s (1952) generational theory and Twenge’s (2023) documentation of markedly lower technostress and higher technology expectations among digital natives.

This demonstrates that generational cohort significantly moderates the positive impact of digital innovation on work attitudes in the banking context, with markedly stronger effects for Generation Z.

Lack of structured GenAI training emerged as the dominant frustration across both cohorts.

The conversations confirm that exposure to contemporary digital tools (GenAI, RPA, analytics dashboards, cloud systems) functions as a powerful job resource for Millennials and especially Generation Z in Ghanaian banks and fintech firms.

Digital innovation exposure exhibited strong direct effects on job satisfaction, work engagement, and effective organisational commitment, and recent Ghanaian banking studies show that automation frees employees from routine tasks. Perceived usefulness, hedonic motivation, and enhanced job resources (autonomy skill variety) each facilitated these relationships.

The results also carry broader implications for African digital economies. With 9–9.5 million digital jobs needed by 2030 across the continent (IFC/World Bank, 2023), countries that position digital workplaces as sources of autonomy, learning, and enjoyment rather than mere efficiency will gain a decisive advantage in the war for young talent. In sum, far from being a threat, thoughtfully deployed digital innovation represents one of the most powerful tools available to Ghanaian financial institutions for engaging and retaining the Millennial and Gen Z employees who now dominate their workforce, with Generation Z responding most enthusiastically of all.

Managerial Implications for banks and fintechs

Table 2: Managerial Implications for Ghanaian Banks and Fintech Firms

Area	Specific Recommendation	Rationale from This Study	Expected Outcome if Implemented
Talent Attraction & Retention	Position the bank as a “digital-first workplace” in all campus and Gen-Z recruitment campaigns (highlight GenAI, RPA, analytics playgrounds)	Gen Z’s employer choice is driven more by technology sophistication than salary (Asiedu et al., 2023; present findings)	Higher application volume and lower early-career turnover
Job Design & Workflow	Systematically remove repetitive manual tasks via RPA and GenAI; redesign remaining roles to maximise autonomy and skill variety	Job resources (autonomy skill variety) = strongest mediator and twice as powerful for Gen Z	Significant increase in job satisfaction and engagement (61percent variance explained)
Training & Upskilling	Launch mandatory, structured 3–6-month GenAI & analytics certification pathways for all employees under 35 (with badges, leaderboards, and career credit)	19/25 interviewees cited a lack of formal GenAI training as the top frustration despite high demand	Reduced technostress, higher hedonic motivation, stronger affective commitment
Performance Management	Replace micro-management of processes with outcome-based KPIs and real-time AI dashboards for self-monitoring	Gen Z strongly dislikes micromanagement; autonomy is non-negotiable	Higher work engagement and willingness to stay 3–5 years
Internal Branding & Communication	Run monthly “Digital Wins” showcases where employees present creative uses of GenAI/RPA (with small rewards and senior-leader commentary)	Hedonic motivation is a significant mediator, especially for Gen Z	Increased enjoyment of work, stronger emotional attachment to the bank
HR Metrics & Policy	Track “Digital Job Resource Index” (autonomy skill variety training hours) as a leading indicator in employee pulse surveys	This index explains 61.8percent of attitude variance – far more predictive than traditional engagement drivers	Early warning system for retention risk among new-generation staff
Diversity & Inclusion	Ensure digital upskilling programmes deliberately include women and employees from rural branches (current gender gap in advanced digital roles remains wide)	Female respondents showed equally strong desire for autonomy and learning when given access	Reduced gender-based turnover and stronger employer brand

 

Implementing even three of these recommendations within 12–18 months would position any Ghanaian bank or fintech as the employer of choice for Generation Z – the cohort that will dominate the workforce by 2030.

Conclusion and Recommendations

This investigation establishes that digital innovation is a powerful driver of positive work attitudes among Ghanaian banking’s new-generation employees, with effects twice as strong for Gen Z as for Millennials. When digital tools increase autonomy, skill variety, learning, and enjoyment, they transform potential threats into the single most effective retention lever available.

Four High-Impact Recommendations:

1. Make structured GenAI & analytics training mandatory for every employee under 35 within their first year.
2. Systematically redesign roles to maximise autonomy and creativity as routine tasks are automated.
3. Treat “fun” and “rapid learning” as explicit success criteria for every new digital tool rollout.
4. Track and reward a simple “Digital Job Resource Index” (autonomy skill variety training hours) alongside traditional KPIs.

Ghanaian banks and fintechs that implement these four measures will turn digital transformation from a cost centre into the strongest magnet for attracting and keeping the Gen Z talent that will dominate the workforce by 2030.

>>>The writer is He is a thought leader in digital finance, financial inclusion, retail digital transformation leadership and an AI enthusiast. He is a research author with selected publications. He is the Head, Mobile Financial Services at Fidelity Bank Ghana LTD. He also has a DBA, CIRB, MBA. He can be reached via [email protected] and LinkedIn: https://www.linkedin.com/in/dr-prince-osei-hyeaman-addai-dba-cirb-mba-ba-4929a336; Mobile Number: 233246339314

The post Assessing digital innovation and work attitudes of Millennial and Gen Z employees in banking/fintech sectors appeared first on The Business & Financial Times.

Read Full Story