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US Banking Consumer Habits 2023

Gen Zers Are Reshaping Product Discovery and Consideration

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About This Report
Gen Z isn’t taking the same financial services customer journey as older consumers. Our inaugural survey of US banking consumers unveils where the differences lie.
Table of Contents

Gen Z is banks’ biggest customer acquisition opportunity, but its customer journey is more social- and value-driven than older generations’. Our inaugural study reveals how banks can adjust their marketing strategies to capture Gen Z’s attention and convert it into deposits.

Key Question: How do Gen Zers’ behaviors differ from other generations’ during product discovery and consideration?

KEY STAT: Over half (52.5%) of Gen Zers would go straight to a trusted brand when choosing a new banking product or service, while only 15.8% would shop around. First impressions early in the customer journey will be key to winning these younger customers.

authors

Maria Elm

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Tiffani Montez
Principal Analyst, Banking
Jennifer Pearson
VP, Research

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