How Gen Z habits are changing the banking industry

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.

Gen Z habits are changing the banking industry.

The industry’s long-term health depends on Gen Z. To attract the over 4 million Gen Zers who will become new mobile banking users each year, banks must refresh stale experiences, reinvigorate staid identities, and embrace new marketing tactics.

• Media habits will sway Gen Zers’ decisions. Social media channels are where to reach Gen Z. The bulk of their time with media is spent on social platforms, which include digital video: 42.1% spend 1 to 3 hours and 30.8% spend 3 to 5 hours on those platforms. Gen Zers are accustomed to personalized media on demand.
• Mobile banking is Gen Z’s top factor in choosing a bank. Over half (55.7%) of adult Gen Zers called mobile banking a top consideration before choosing a bank—5.2 percentage points more than the share of total respondents who said the same. It outranked Gen Z’s second-most-important consideration, fees, by 12.2 percentage points.

Read the full report.