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US Banking Consumer Habits 2023

Gen Zers Are Reshaping Product Discovery and Consideration

Report by Maria Elm  |  Nov 30, 2023
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Report
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Executive Summary
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Table of Contents
Executive Summary
Gen Z is breaking the product discovery mold
Mobile and social are the keys to building awareness among younger consumers
Younger consumers have more options than ever at the consideration stage
Banks can’t rely on stereotypes if they want to close the loop with Gen Zers
Methodology
Survey Demographics
Source
Media Gallery
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.
Topics
Banking
US
Table of Contents
Executive Summary
Gen Z is breaking the product discovery mold
Mobile and social are the keys to building awareness among younger consumers
Younger consumers have more options than ever at the consideration stage
Banks can’t rely on stereotypes if they want to close the loop with Gen Zers
Methodology
Survey Demographics
Source
Media Gallery

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?

US Banking Consumers' Willingness to Shop Around vs. Go Straight to a Trusted Brand for New Financial Products/Services, by Generation, Oct 2023 (% of respondents)
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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.

Here’s what’s in the full report

4files

Exportable files for easy reading, analysis and sharing.

12charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Gen Z is breaking the product discovery mold
  3. Mobile and social are the keys to building awareness among younger consumers
  1. Younger consumers have more options than ever at the consideration stage
  2. Banks can’t rely on stereotypes if they want to close the loop with Gen Zers
  3. Methodology
  1. Survey Demographics
  2. Source
  3. Media Gallery

Charts in This Report

US Banking Consumers' Willingness to Shop Around vs. Go Straight to a Trusted Brand for New Financial Products/Services, by Generation, Oct 2023 (% of respondents)Channels Through Which US Banking Consumers Become Aware of a Bank's Products/Services, Oct 2023 (% of respondents)
Sources US Gen Z Banking Consumers Use to Research Banking Products/Services, Oct 2023 (% of respondents)Top Social Media Platforms US Gen Z/Millennial Banking Consumers Have Used to Find Banking Information, Oct 2023 (% of respondents)
US Gen Z Banking Consumers' Most Trusted Sources of Banking Information on Social Media, Oct 2023 (% of respondents)Methods US Gen Z Social Media Users Use to Research/Evaluate Banking Products/Services on Social Media, Oct 2023 (% of respondents)
Providers US Gen Z Banking Consumers Would Most Likely Buy Banking Products/Services From Based Solely on Brand Trust, Oct 2023 (% of respondents)Factors US Gen Z Banking Consumers Would Consider Before Choosing a New Bank, Oct 2023 (% of respondents)
Top 10 Factors That Ultimately Drive US Gen Z Banking Consumers to Buy a Banking Product/Service, Oct 2023 (% of respondents)Channels US Banking Consumers Used to Purchase Banking Products/Services, Oct 2023 (% of respondents)
US Banking Consumers' Likelihood to Recommend Their Primary Bank to Friends/Colleagues, by Generation, Oct 2023 (% of respondents)Demographic Summary of Respondents, US Banking Consumer Habits Survey, Oct 2023 (% of total)

authors

Maria Elm

Contributors

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