What we’re thinking: At least 4 million Gen Z consumers will open a new bank account each year through 2026, and mobile banking adoption is set to explode at a compound annual growth rate (CAGR) of 12.4% through the same year.
Here’s what the industry needs to know about how to reel in Gen Z while competing with fintechs and Big Tech, according to our Gen Z and Banking report:
Banking should be mobile.
Gen Z spends their time on social media.
Continuously improving tech means competition is fierce.
But digital doesn’t mean financially literate.
Gen Z accesses credit in new and old ways.
Continue reading: To learn more about how Gen Z uses social media to access financial information—and what banks should do to make sure they are discoverable on these platforms—check out our Gen Z and Banking report.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.