The coronavirus pandemic has accelerated shifts in banking behavior, including by generation, according to new research from BAI.
The research reveals how the pandemic has affected behaviors among Baby Boomers (Boomers+), Generation X (Gen X), Millennials and Generation Z (Gen Z) and offers insights to better understand generational banking preferences to equip financial services leaders to plan for the future, according to BAI.
Find a fintech partner that’s committed to collaboration, never stops learning and adapting and makes your needs a priority. Then, together, you’ll be able to serve your members no matter what the future holds.
In a recent survey of financial services leaders and consumers, BAI found that fraud continues to be a significant digital banking concern for all age groups. While financial services leaders have long been focused on fraud reduction, their efforts continue to increase. According to the survey, 60% of financial services leaders have increased their fraud reduction efforts this year.
BAI recently released research on the trends and interests of Gen Z. “A Look at Gen Z Banking Habits and Attitudes” provides insights to understand generational banking attitudes and expectations. The research uncovered that, unlike older age groups, Gen Z does not feel as tethered to traditional financial service providers and is less likely to bank with only one financial services organization.