MX releases study regarding the future of banking

Monday 18 October 2021 10:45 CET | News

US-based data platform MX has released a white paper, exploring the use of financial product and services by Millennials, Gen Z, and baby boomers.

The study highlights perspectives on the future of banking, customer support preferences and level of trust and adoption of digital financial solutions from money transfer apps to buy-now-pay-later (BNPL) offerings.

The findings include:

  • Only 47% of Gen Z respondents claimed to have an account with a traditional bank, credit union, neobank or technology company.

  • Attitudes toward financial apps: More than 80% of Gen Z and millenials are using a money transfer app.

  • Customer support preferences: 53% of Gen Z respondents and 42% of millennials wanted to be able to find their answer online, while 27% of baby boomers preferred this channel.

  • Satisfaction and user experience with digital banking: 85% of respondents were at least somewhat satisfied with their overall banking services experience.

  • Top priorities when choosing a financial service provider: ‘Level of trust and security’ was selected by more than 48% of respondents as their top priority. Among Gen Z and millenials, ‘rates, products, services and special offers’ was the second-most-important category.

  • Trust in financial institutions: More than 80% of respondents said they trust their primary financial service provider with their personal financial data; however, Gen Z and millennials were less likely than baby boomers to completely trust their FIs.

This study incorporates feedback from 1,039 respondents from various regions across the US. Approximately 40% of the responses come from the Gen Z segment, 40% from the millennial segment, and 20% from the baby boomer segment.

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Keywords: research, Gen Z, online banking, digital banking, fintech, money transfer, BNPL
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech