Gen Z, Millennials want digital banking experiences to go beyond mobile apps

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 20, 2022, 3:50 AM GMT+0

Trust and security are top factors for Gen Zers and Millennials when it comes to choosing a reliable financial services provider.

About 31% of both Gen Zers and Millennials claim to be confident about general personal finance matters, with 47% of them claiming to be “somewhat confident”. The investing culture is growing among younger audiences, with 63% of both generations saying they would consider investing. Additionally, 78% of Gen Z respondents reported an understanding of cryptocurrency.

Investing is the most popular topic for Gen Z and Millennials when it comes to developing financial knowledge, followed by savings, banking and budgeting. Both the generations seek a digital banking experience that goes beyond mobile apps and includes virtual customer support, money management tools and in-app credit check services.

About 86% of Gen Z and Millennials value being able to speak with real-life experts. Financial service providers must ensure they focus on understanding the motivations and pain points of the client base, and work towards solving their emotional needs. So, brands must ensure that the content provided to customers is authentic, trustworthy and relevant.

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