Conducted across 10 major banking regions, with answers gathered from more than 2,000 consumers under the age of 30, our Global Retail Banking Consumer Trends report provides an unparalleled view of how behaviors and preferences are changing among today’s emerging banking customers.
Generation Z and millennial customers are seeking digital banking solutions that enable them to make personally relevant financial choices in the moment—and don’t require them to sort through paperwork themselves or, worse, contact or talk to someone.
Fintechs are exponentially acquiring customers with lending and payments products, and big tech companies are looming with robust solutions targeting deposits. Our latest consumer banking survey should worry banks because the data suggests that 56% of young consumers would be willing to switch to a banking solution from a big tech company. Find out what banks can do to stem the tide.
20% of the consumers surveyed are "very likely" to use an alternative method for all payments in the next 12 months.
47% are ready to change to another bank if they get better rates, recommendations, and plans.
60% choose their primary bank for a first mortgage, but just 32% use them for their next home loan.
56% are ready to shift to a solution from a major technology company such as Apple or Google.
Despite having better transaction experiences with debit/credit cards, younger consumers would prefer to pay via mobile app.
Young consumers say budgeting tools would be the most valuable addition to their banking relationships.
After navigating their first mortgage or lending experiences, consumers are much more willing to use online or nontraditional lenders.
Online commentary and news articles are two major factors influencing young consumers’ investment choices and decisions.
HDFC embraced a technology-centric strategy and transformed their digital banking services using Oracle’s core platform to launch digital products such as Smart Account Opening and the 10 Seconds Personal Loan.
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