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.
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