Gen Z and Banking

How Can the Industry Capture the TikTok Generation?

Report by Tyler Brown  | Feb 27, 2023
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Table of Contents
Executive Summary
The demographic shift is underway.
Gen Z habits are changing the banking industry.
Big Tech, neobanks, and payments apps loom as stiff competition.
Despite their tech savvy, Gen Zers find financial preparedness challenging.
Gen Zers’ credit needs are evolving.
Social media has changed how to reach Gen Z.
How should banks meet the Gen Z challenge?
Sources
Media Gallery
About This Report
Gen Zers’ influence on banking will begin to emerge as more than 4 million of them per year become mobile bankers through 2026. Banks must adapt to provide the services these digital natives demand.
Topics
Banking
Generation Z
Marketing Tactics
US
Table of Contents
Executive Summary
The demographic shift is underway.
Gen Z habits are changing the banking industry.
Big Tech, neobanks, and payments apps loom as stiff competition.
Despite their tech savvy, Gen Zers find financial preparedness challenging.
Gen Zers’ credit needs are evolving.
Social media has changed how to reach Gen Z.
How should banks meet the Gen Z challenge?
Sources
Media Gallery

Executive Summary

Gen Zers provide a pivotal opportunity for banks as at least 4 million of them will open accounts each year through 2026. But the industry must reach these potential customers where they live—via TikTok, YouTube, and Instagram, to start—and compete with the high standards set by fintech and Big Tech.

Key Question: How should banks address Gen Z’s expectations for banking services?

KEY STAT: Gen Z mobile banking adoption will reach 33.7 million consumers in 2023 and will continue to rise sharply, at a compound annual growth rate (CAGR) of 12.4% through 2026.

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Table of Contents

  1. Executive Summary
  2. The demographic shift is underway.
  3. Gen Z habits are changing the banking industry.
  4. Big Tech, neobanks, and payments apps loom as stiff competition.
  1. Despite their tech savvy, Gen Zers find financial preparedness challenging.
  2. Gen Zers’ credit needs are evolving.
  3. Social media has changed how to reach Gen Z.
  4. How should banks meet the Gen Z challenge?
  1. Sources
  2. Media Gallery

Charts in This Report

Companies US Gen Z Digital Banking Users Would Trust to Provide Them With Banking Services, Aug 2022 (% of respondents)Financial Preparedness According to Gen Z, July 2022 (% of respondents)
Top 5 Hurdles to Homeownership According to US Gen Z Teens/Young Adults, April 2022 (% of respondents)Social Media Platforms Used by US Gen Z, Nov 2022 (% of respondents)

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authors

Tyler Brown

Contributors

Caitlin Cahalan
Researcher, Financial Services
Eleni Digalaki
Principal Analyst