Gen Z is changing the mobile banking industry. YPulse’s Personal Finance and Services report data shows that Gen Z turns to social media as their top choice when looking for financial tools and resources—which in turn affects their banking habits. According to an eMarketer report, “at least 4 million of [Gen Z] will open [bank] accounts each year through 2026.” But this gen is more likely to become familiar with banking well before they even step into a physical bank. The report found that “over half (55.7%) of adult Gen Zers called mobile banking a top consideration before choosing a bank.” Since Gen Z is already “accustomed to personalized media on demand,” they’re looking to manage their finances through mobile banking platforms that are personalized to them—and there are several already dedicated to filling this niche. (Insider Intelligence)
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