As the battle intensifies between fintech disruptors and traditional banks, new research from Corporate Insight (CI) reveals striking generational differences that are shaping the future of financial services. The report paints a detailed picture of what today’s consumers really want from their banks—and how those expectations vary dramatically by age.
“This research reveals a clear generational divide in banking preferences, with older consumers prioritising traditional elements like physical branches and security, while younger generations place greater emphasis on social factors and recommendations,” says Will Jack, senior analyst at CI. “This has profound implications for both incumbent banks and fintechs as they compete for customers in today’s rapidly evolving financial landscape.”
The generational divide is not just about technology, but about values, trust, and community. Older generations, particularly Boomers and Gen X, remain loyal to their long-standing financial institutions. They prioritise functional features such as no-fee accounts, access to physical branches, and consistent, high-quality customer service. Their loyalty runs deep: a notable 91% of Boomer+ respondents say they’ve never considered switching banks, with many citing a simple but powerful reason—“I like my bank.”
What does Gen Z think?
In contrast, Gen Z consumers approach banking through a very different lens. Their preferences are shaped less by tradition and more by social context and digital culture. Recommendations from friends and family play an outsized role in where they bank, and they’re also drawn to companies that reflect their values.
This generation is less attached to brick-and-mortar locations and more focused on whether a brand aligns with their identity and expectations for convenience and innovation.
But this younger demographic is also harder to please. Only 40% of Gen Z respondents report satisfaction with their bank’s digital interface, compared to 81% of older users. Dissatisfaction among Gen Z extends to areas such as customer service and budgeting tools, indicating a significant gap between what they want and what they’re getting.
For both incumbents and fintechs, this presents a clear warning: if your digital experience doesn’t meet rising expectations, your brand risks irrelevance with the next generation of earners and spenders.
What this report underscores is that the fight for banking loyalty is not just about fees or features—it’s about emotional resonance and usability. For incumbents, the challenge lies in modernising without losing the trust they’ve built. For fintechs, it’s about delivering seamless experiences while fostering long-term loyalty.