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Why Are Millennials and Gen Z Gravitating to the Big Banks?

June 29, 2021
Caroline Vahrenkamp

For decades, American retail banking has revolved around the baby boomer generation. But now, based on 2020 Census data, boomers are the minority cohort. Younger generations have overtaken boomers – and overwhelmingly moved their business toward the largest banks. Seventy percent of millennial and Gen Z consumers claim a large bank as their primary financial institution (PFI). This study examines demographic elements of the new predominant generations to understand the shift and to determine whether they can be convinced to switch to smaller institutions.

Price: 
$1,500.00

Inside the Report

Table of Contents: 

Executive Summary
3
Study Demographics
9
Financial Institution Use and Primary Status
15
Product Use
38
Delivery
51
Summary and Strategic Considerations
65
Appendix
69
About
74

Sample Chart(s): 

Millennials and Gen Z RepresentUnder 30s Are Fee Driven

Study Statistics: 

DATE PUBLISHED:
June 29, 2021
AUTHOR:
Caroline Vahrenkamp
NUMBER OF PAGES:
75
PRICE:
$1500.00