Winning Gen Zers鈥� deposits will depend on capturing their attention and trust early in the customer journey. At the discovery and consideration stages, Gen Zers鈥� habits are very different than those of other generations, per our inaugural survey of 1,488 US banking consumers. That means banks must rethink their marketing strategies to best appeal to this generation鈥檚 preferences.
Mortgage interest rates have hit a high not seen since 2000, pushing mortgage applications 27% lower than in the same period last year. Applications to refinance a mortgage fell 21% from what they were a year ago. After the record low rates available during the early part of the pandemic and the boom in refinancing, fewer borrowers see any upside to refinancing just now.
Buy now, pay later (BNPL) has thrived because it combines the flexibility of credit with short repayment terms, app-based shopping, and a simple user experience.
This might include banking services that reach underbanked populations, buy now, pay later (BNPL) support for Gen Zers, or value-added security features that win over nervous holdouts. Read the full report.