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Gen Z And Millennial perspectives on emerging finance trends
MX , a financial data platform and leader in modern connectivity , has released a joint white paper with Finn AI , Q2 and Rival Technologies , exploring the use of financial products 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
WHAT WORKED FOR MOM AND DAD WILL NOT BE ENOUGH TO WIN AND KEEP THIS YOUNGER DEMOGRAPHIC AS A CUSTOMER .
• Attitudes toward financial apps : More than 80 % of Gen Z and millennials are using a money transfer app .
• Customer support preferences : A total of 53 % of Gen Z respondents and 42 % of millennials wanted to be able to find their answers online , while 27 % of baby boomers preferred this channel .
• Satisfaction and user experience with digital banking : Just 85 % of respondents were at least somewhat satisfied with their overall banking services experience , though baby boomers were much more likely to be very satisfied .
• 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 millennials , ‘ 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 .
Carlos Carvajal , Chief Marketing Officer at Q2 said , “ This report highlights exactly what millennials and Gen Z are looking for in their financial institutions and poses a tremendous opportunity for financial institutions and FinTechs alike to come together to serve them . They are the future of banking .”
This study incorporates feedback from 1,039 respondents from various regions across the United States . Approximately 40 % of the responses come from the Gen Z segment , 40 % from the millennial segment and 20 % from the baby boomer segment . x money transfer apps to buy-now-paylater ( BNPL ) offerings .
“ Millennials and Gen Zs are set to become the most important customer group for most banks and credit unions over the next decade , as nearly US $ 70 trillion in wealth transfers to them from their parents . But , as our research shows , what worked for mom and dad will not be enough to win and keep this younger demographic as a customer ,” said Jake Tyler , CEO at Finn AI .
Key findings include :
• Generational differences in banking habits : Only 47 % of Gen Z respondents claimed to have an account with a traditional bank , credit union , neobank or technology company .
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