The future of banking is personal

New research from Q2 reveals surprising similarities in banking preferences across generations while highlighting opportunities for financial institutions to create more personalized experiences. By leveraging data and emerging technologies, banks and credit unions can build deeper relationships with customers of all ages.

by Jim Marous, The Financial Brand

While much attention has been paid to the unique preferences of younger consumers like Gen Z, Q2’s research, conducted in partnership with Harris Poll, found more similarities than differences across age groups regarding banking. A few key findings:

  • 74% of consumers across all generations want more personalized experiences from their financial institutions.
  • 66% are comfortable with their bank or credit union using their data to provide personalized experiences.
  • 70% are okay with using AI for fraud detection.
  • 48% log into their mobile banking app or website daily.

As Jaime Dominguez, Principal Product Manager at Q2, noted in an interview for the Banking Transformed podcast, “One of the things that this report highlighted is the fact that everybody – not just Gen Zs, but every generation is looking for personalized experiences.”

 

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