Gen Z isn’t taking the same financial services customer journey as older consumers. Our inaugural survey of US banking consumers unveils where the differences lie.
Gen Z is banks’ biggest customer acquisition opportunity, but its customer journey is more social- and value-driven than older generations’. Our inaugural study reveals how banks can adjust their marketing strategies to capture Gen Z’s attention and convert it into deposits.
Key Question:How do Gen Zers’ behaviors differ from other generations’ during product discovery and consideration?
KEY STAT: Over half (52.5%) of Gen Zers would go straight to a trusted brand when choosing a new banking product or service, while only 15.8% would shop around. First impressions early in the customer journey will be key to winning these younger customers.
Here’s what’s in the full report
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Table of Contents
Executive Summary
Gen Z is breaking the product discovery mold
Mobile and social are the keys to building awareness among younger consumers
Younger consumers have more options than ever at the consideration stage
Banks can’t rely on stereotypes if they want to close the loop with Gen Zers
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US Banking Consumers' Willingness to Shop Around vs. Go Straight to a Trusted Brand for New Financial Products/Services, by Generation, Oct 2023 (% of respondents)
US Banking Consumers' Willingness to Shop Around vs. Go Straight to a Trusted Brand for New Financial Products/Services, by Generation, Oct 2023 (% of respondents)
US Consumers' Willingness to Shop Around vs. Go Straight to a Trusted Brand When in Need of New Financial Products/Services, by Generation, Oct 2023 (% of respondents)