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.
- We predict that the average Gen Zer will get a mobile phone at age 12, with adoption reaching 96.9% by 2026.
- We also forecast that 42.9 million Gen Zers—with $360 billion in disposable income and growing, according to Gen Z Planet—will use mobile banking by 2025.