Gen Z is the most likely to pay for customized services or financial advice. 

CHICAGO–(BUSINESS WIRE)– The top way financial services organizations can improve digital banking capabilities for Gen Z — those consumers between the ages of 18 and 23 — is to enhance the mobile channel and provide faster payments and money transfers.

That’s according to research from BAI, a nonprofit independent research organization for the financial services industry. As part of the BAI Banking Outlook program, BAI surveyed consumers over the course of several months and identified several interesting insights into the unique banking preferences and attitudes of Gen Z.

This generation specifically indicated an overwhelming support for online, mobile and self-service channels, with 74% preferring these channels.

However, despite the preference for digital banking options, Gen Z is also the generation most willing to pay for more customized services or financial advice.

Additional highlights from the Gen Z research include:

Nearly half, 48%, of Gen Z respondents indicated their willingness to pay for additional services.

Gen Z engages more with their financial services organizations than other generations, averaging 68 monthly interactions. The most common channel is mobile banking with 11.2 monthly interactions.

Gen Z also has more branch or drive-up interactions per month than other generations.

Gen Z desires faster payments or transfers followed by automated savings as their top choices for how financial services organizations can help them manage money.

67% of Gen Z currently use the same financial services organization as their parents, but more than two-thirds are willing to switch if they find one that is more innovative.

For more information about the study, listen to BAI’s podcast, “Gen Z is Fond of Fintech, but They Like Tellers, Too,” for an in-depth discussion.

For this and other BAI Banking Strategies reports, podcasts and webinars, see www.bai.org.

Contacts

Angelo D. Jones II
William Mills Agency
678-781-3074
angelo@williammills.com