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Within the US Banking industry, Gen Z customers are more likely to switch their primary bank than other age groups, with 25% reporting high likelihood, 8 percentage points more than their counterparts over the age of 25.
This latest data from NPS Prism suggests U.S. banks may face more challenges in retaining Gen Z customers—but data regarding the behaviors and preferences of this age demographic also point to potential targeted CX measures that could help boost satisfaction.
Customers on the whole rank trust, having the right products, and security as the 3 most important attributes that help determine their likelihood to recommend a brand, making these elements non-negotiable when it comes to customer loyalty. But Gen Z differs from the average when rounding out the Top 5 attributes, demonstrating that digital and omnichannel experiences are highly important to this demographic.
These factors are much more likely to impact Gen Z’s willingness to recommend, and perhaps their decision to stay with their current checking & savings provider—any CX efforts targeted to this demographic should factor these in strongly.
Over 70% of customers across all age groups, including Gen Z, report initiating routine episodes on digital channels. These routine episodes, which include everyday transactions such as making payments and managing accounts, aren’t typically the most impactful experiences—customers tend to be neutral to them.
However, the prevalence of digital channels in these types of episodes, combined with their importance to Gen Z customers, results in a much more emotive experience for this demographic. A positive or negative experience paying a bill online is much more likely to strengthen a Gen Z brand promoter or create a detractor within this age group.
Furthermore, with mobile app usage ~10% higher for customers under 25 vs. all other age groups combined; this channel is particularly high stakes. When looking to drive brand sentiment and loyalty among Gen Z customers, banks should pay close attention to improvements in digital experience, with mobile channels taking center stage in their efforts.
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