Gen Z and Banking

How Can the Industry Capture the TikTok Generation?

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

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Tyler Brown


Caitlin Cahalan
Researcher, Financial Services
Eleni Digalaki
Principal Analyst

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