In a rapidly evolving digital banking landscape, a new report by Q2 unveils striking similarities in how different generations approach their financial experiences. Despite the diverse life stages of Gen Z, Millennials, Gen X, and Baby Boomers, the study reveals a shared demand for personalized and secure banking solutions.
The study delves into the preferences of consumers, ranging from their use of digital banking tools to their comfort with AI and concerns about fraud protection.
The results show that 74% of respondents across all age groups expressed a desire for more personalized interactions with their financial institutions, highlighting the importance of data-driven solutions. Moreover, 70% of those surveyed indicated they are comfortable with AI being used to enhance fraud protection.
“The digital landscape is continuing to shift and evolve for banks and credit unions. The goal of this survey is to help financial institutions better understand the needs of their consumers and that, while there is a large focus on generational differences, consumers across all generations are asking for the same things: personalized experiences, increased security, and an increased use of AI,” said Anthony Ianniciello, VP, Product Management, Q2.
What is most important to consumers?
As many as 70% of consumers across all generations trust their banks based on personal experiences. What's more, 41% believe their financial institutions occasionally offer support or options that align with their personal aspirations.
The survey also shows that 66% are comfortable with their financial institution using their data to tailor experiences.
When it comes to security, 48% seek stronger security measures for their financial data.
Personalization still plays a crucial role, as 60% of Gen Z respondents have observed positive changes in their financial habits or goals due to personalized digital banking features, in contrast to 33% of Gen Xers and Baby Boomers.
