While much attention has been paid to the unique preferences of younger consumers like Gen Z, Q2’s research, conducted in partnership with Harris Poll, found more similarities than differences across age groups regarding banking. A few key findings:
- 74% of consumers across all generations want more personalized experiences from their financial institutions.
- 66% are comfortable with their bank or credit union using their data to provide personalized experiences.
- 70% are okay with using AI for fraud detection.
- 48% log into their mobile banking app or website daily.
As Jaime Dominguez, Principal Product Manager at Q2, noted in an interview for the Banking Transformed podcast, “One of the things that this report highlighted is the fact that everybody – not just Gen Zs, but every generation is looking for personalized experiences.”
This desire for personalization spans both digital and in-person channels. While digital banking adoption has accelerated, the report found that many consumers still value face-to-face interactions for certain activities. For example, 65% of Gen Z respondents said they prefer to open a new account in person, compared to 58% for older generations.
Dominguez suggests this preference may stem from the complex terminology and decisions in opening a first account. “Opening the account through a financial institution is difficult for many. Number one, we still use terminologies people do not understand, especially the Gen Z segment.”
He adds that many young consumers bring their parents when opening their first accounts because “they didn’t understand it.” This highlights an opportunity for banks or credit unions to simplify the account opening process and provide more guidance, whether in person or digitally.
Jaime Dominguez, Principal Product Manager at Q2, in an interview for the Banking Transformed podcast.
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