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Gen Z and Millennials are choosing digital banks over traditional financial institutions.

Aug 18 2021

Gen Z and Millennials are choosing digital banks over traditional financial institutions. YPulse’s fintech research shows that 52% of young consumers who manage their own finances are doing so on their phone/tablet, and new research from Cornerstone Advisors reveals just how popular digital banking has become for Gen Z and Millennials. Studies conducted from October 2020 to July 2021 identifying which financial institutions consumers have their primary checking account with found that Bank of America’s share of 26-40-year-olds dropped from 22% to 13% from October 2020 to July 2021; Wells Fargo’s share of Gen Zers dropped from 12% to 9% during the same period; community banks’ primary relationship with Gen Zers dropped from 12% to 6%; and more than 600,000 Gen Zers have changed their primary checking account provider. PayPal, Current, Dave, and Square Cash are among the top fintech platforms young consumers are using as their primary checking account, and their appeal with next gen bankers stems from innovative product design and the ability for consumers to personalize their banking experience. (Forbes)