Consumer Banking Trends Report
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.
How can traditional banks stem the tide
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.
Quick consumer banking facts
Payments
20% of the consumers surveyed are "very likely" to use an alternative method for all payments in the 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 a major technology company such as Apple or Google.
Interesting consumer banking findings
Apps are preferred to plastic
Despite having better transaction experiences with debit/credit cards, younger consumers would prefer to pay via mobile app.
Budgeting tools are a priority
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 is a big influence
Online commentary and news articles are two major factors influencing young consumers’ investment choices and decisions.
Resources for Global Retail Banking Consumer Report
HDFC Bank: A digital and data transformation journey powered by Oracle
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.
More information
Global retail banking survey: The New Digital Demand in Retail Banking
Gain key insights into the financial lifecycle of retail banking consumers, and understand how you can engage customers across their life moments.
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