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The number of Gen Z mobile banking users will reach 33.7 million in the US this year and continue to grow at a compound annual growth rate of 12.4% through 2026, per our forecast.

Beyond the chart: The recent banking crisis shows just how essential customer trust is to the sector. According to our “Banking Trends to Watch for 2023” report, to gain the trust of Gen Z, banks need to put a strong emphasis on data privacy and retain a human element to customer service—in addition to being financially sound, of course.

Moreover, banks should meet Gen Zers where they are: social media. As recession fears grow, educational social media campaigns on budgeting and investing could be another way to win over this demographic.

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