Global Retail Banking Consumer Report 2020-2021

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How Consumer Banking Relationships Are Changing in the New Decade

Conducted across 10 major banking regions and gathered from more than 2,000 consumers under the age of 30, the 2020-2021 Global Banking Survey provides an unparalleled view of how behaviors and preferences are changing among today’s emerging banking customers.

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Quick Facts

Payments
20%

are "very likely" to use an alternative method for all payments in next 12 months.

Savings
47%

are ready to change to another bank if they get better rates, recommendations and plans.

Borrowing
60%

choose their primary bank for a first mortgage but just 32% use them for their next home loan.

Investments
56%

are ready to shift to a solution from BigTech like Apple or Google.

Gen Z and millennial customers are seeking digital banking solutions that enable them to make personally relevant money choices in the moment—and don’t require them to personally sort through paperwork or, worse, have to contact or talk to someone.

How Can Traditional Banks Stem the Tide?

Banks face challenges that were unfathomable a decade ago. Fintechs are exponentially acquiring customers with lending and payments products and big tech companies are looming with robust solutions targeting deposits.

Our latest survey should worry banks, as the data suggest that 56% of young consumers would be willing to switch to a big tech banking solution. What can banks do to stem the tide? Our report details where to start.

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Interesting Findings

Avoiding Plastic

Despite having better transaction experiences with debit/credit cards, younger consumers would prefer to pay via mobile app.

Sticky Budgeting Tools

Young consumers say budgeting tools would be the most valuable addition to their banking relationships.

Experienced Borrowers Go Online

After navigating their first mortgage or lending experiences, consumers are much more willing to use online or nontraditional lenders.

Outside Commentary a Big Influence

Online commentary and news articles are major factor influencing young consumers investment choices and decisions.

Millennials and Gen Z Prefer to Bank Like Boomers

Beyond fast digital payments, today’s youngest banking customers want advice and direction more than anything else from their banking providers.

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Retail Banking

Resources

Explore thought leadership and research on retail banking transformation and how Oracle can equip banks to succeed and thrive in a rapidly evolving banking industry.

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