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Ninety percent of surveyed small businesses want a full range of credit and non-credit products, more sophisticated mobile banking capabilities, real-time payment options, and robust reporting capabilities. An intuitive user experience: Small-business owners want powerful platforms, but prefer simple and easy-to-understand language, as owners can鈥檛 always prioritize sharpening their financial acumen.

While many consumers use mobile banking apps multiple times a week, some worry about fraud. Here are the security features they value most.

Consumers under the age of 35 comprise 48% of BNPL users, per our forecast. By contrast, they comprise just 35% of traditional credit card holders, per a 2023 report from LexisNexis Risk Solutions. Those who can鈥檛 or don鈥檛 want to go through the approval process can still make purchases with this alternative method. Click here to view our full forecast for US BNPL service user share, by age.

High-trust digital banking users are far more likely to be satisfied with their bank than low-trust users. Users with high levels of trust are nearly twice as likely to recommend a high-trust FI to family and friends (45.0% versus 24.4%). Low-trust users are far less likely to open additional accounts with their bank.

They are YouTube鈥檚 largest user group by generation, while TikTok and Instagram are their most-used social platforms. Prioritize the latter platforms to keep them engaged, as over 80% of adult Gen Zers said short-form video holds their attention more than long-form, per an October 2023 Ypulse article. Beware the TikTok algorithm.

The strategy: As part of their decision-making process, young consumers regularly check reviews for companies and products such as mobile banking apps. That means any place that carries banking product and service reviews could be a valuable platform for engagement and relationship-building鈥攅specially with Gen Zers and millennials.

That means banks that go against the grain could strengthen their relationships with Gen Z by expanding their ATM presence, allowing users to easily find the nearest in-network ATM location through mobile apps, and marketing their dedication to ATMs.

And I think it's really interesting to look at their credit card usage in tandem with their BNPL usage and it really gives a sometimes scary look into their finances. Rob Rubin (07:40):. It does.

Gen Zers are another: Over half (55.7%) of adult Gen Zers called mobile banking a top consideration before choosing a bank, per our September 2022 US Mobile Banking Emerging Features Benchmark survey. Recessionary factors and shifting generational behaviors are inhibiting digital account opening growth. Tightening credit standards may limit consumers鈥� ability to get new lines of credit.

Around 32% of Gen Zers cited customer service, while 31.4% cited mobile banking apps. Key takeaway: Continued investment in a hybrid customer experience that comprises branches, agents, and apps will be instrumental to driving Gen Z conversions.

It designs target journeys with users in mind, and organizes its teams around customer needs. It acknowledges the value of all customers and their potential for becoming brand advocates, and personalizes its customer interactions accordingly. Our take: Survey fatigue is a real problem for participants.

Our take: Banks that provide a differentiated in-person experience for needs that require a human touch are likely to see more traffic and greater usage of their branches for high-value tasks. In many cases, this will include offering nonfinancial products that help customers deal with challenges in housing, mobility, ecommerce, and more (which surveyed consumers want).