Young bank customers are wavering in commitment to their primary financial institutions just as Big Tech firms and fintechs are stepping up their game. Although these firms are unlikely to replace banks entirely, they threaten to pull Gen Z and millennial customers away from their traditional financial institutions for some services. This new research from Arizent uncovers the areas where banks can improve the most and the advantages on which they can capitalize.
The key findings in this report include:
- How young consumers define banking differently from older generations
- The role Big Tech plays in banking
- What "personalization" means to different generations and why it's important
- The biggest gaps between what consumers want from their banks and how these features are delivered
- When in-person interactions matter most
Why read this report:
Financial institutions may have gotten too comfortable with the idea that customers tend to stay fixed in one spot for an average of 14 years. Widely recognized technology firms such as Amazon and Facebook are fleshing out their financial products, and challenger banks stack up surprisingly well next to the traditional players in key areas. That is why it is incumbent on banks to strengthen their weak spots and play up to their strengths as detailed in this report.