White Paper: Gen Z And Millennial Perspectives On Emerging Trends In Banking And Finance
LEHI, Utah, Oct. 13, 2021 /PRNewswire/ -- MX, the financial data platform and leader in modern connectivity, today released a joint white paper with Finn AI, Q2 and Rival Technologies, exploring the use of financial products and services by millenials, 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 money transfer apps to buy-now-pay-later (BNPL) offerings.
"As the world of finance continues to evolve, banks, credit unions and fintechs are working to build sustainable solutions that will connect with millenials, Gen Z and baby boomers," said Shayli Lones, VP of Go-to-Market at MX. "The greatest opportunity for banks and credit unions is to capitalize on the level of trust they've already established with their customers. This includes offering competitive and valuable products and services, and keeping the human touch even as interactions move into digital channels."
Key findings include:
"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 $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. "Traditional FIs need to bring the trust and personal touch they delivered in branch and phone to boomers into their mobile experience, which is wheremost younger consumers bank. Tools like live-chat combined with virtual assistants and automated chat can help them deliver this and compete with new tech and fintech entrants."
"It's Q2's mission to build strong and diverse communities by strengthening their financial institutions. This means we need to serve every demographic, and that starts with understanding what each needs," said Carlos Carvajal, chief marketing officer at Q2. "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."
"The way that we bank is changing quickly. The institutions that will be successful are the ones that are providing tools and services to educate their customer base and improve financial literacy, said Niamh Cunningham, COO at Rival Technologies. "If you're not talking to your customers about their financial health and future during the largest transfer of wealth in history, then another financial institution is."
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. To view the full report, visit: https://view.ceros.com/mx/genz-millenial-whitepaper/p/1
About Finn AI
About Q2 Holdings, Inc.
About Rival Technologies
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