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About
Gen Z and Banking
How Can the Industry Capture the TikTok Generation?
Executive Summary
Gen Zers provide a pivotal opportunity for banks as at least 4 million of them will open accounts each year through 2026. But the industry must reach these potential customers where they live—via TikTok, YouTube, and Instagram, to start—and compete with the high standards set by fintech and Big Tech.
Key Question: How should banks address Gen Z’s expectations for banking services?
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KEY STAT: Gen Z mobile banking adoption will reach 33.7 million consumers in 2023 and will continue to rise sharply, at a compound annual growth rate (CAGR) of 12.4% through 2026.
authors
Tyler Brown
Contributors
- Caitlin Cahalan
- Researcher, Financial Services
- Eleni Digalaki
- Principal Analyst
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