Question of the Day: What percent of Gen Zers are comfortable downloading a bank’s app to open an account with them?

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Aug 24, 2021
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Question of the Day, Checking Accounts

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Answer: 49%

 

Questions:

  • If you currently have a bank account, how did you open it?
  • Are you comfortable downloading an app to open a bank account? Why or why not?
  • How many questions would you be willing to answer to open the account before you would abandon the process? [FICO survey found that 50% would abandon if more than 10 questions]

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Behind the numbers (FICO Survey):

Younger users may find the banking apps intimidating or unapproachable. Less than half of U.S. respondents (49%) under the age of 25 were comfortable downloading a financial institution's app to open an account. There is an untapped opportunity for banks to pay more attention to helping younger customers become more confident with digital financial services. Comparatively, more than half of those over 65 (54%) were comfortable downloading a provider's app. However, when it came to preferences, collectively across age groups, the older the age group, particularly over 45, the stronger the preference for using a website rather than an app.

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.