Bank / Credit Union

Report: Gen Z, millennial customers switch banks due to location, fees

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August 10, 2022

Gen Z and millennial customers often switch banks due to both location issues and fees, according to a study from Brooks Bells. In fact, one-fourth of respondents of all ages said branch location was a big factor in switching banks, with 28% of Gen Z citing it as a reason they switched banks, according to a press release.

In addition, one-third of consumers cited lower account fees as a reason they switched banks. Other findings include:

• One-third chose "hope" to describe their financial situation with one-fifth describing themselves as "struggling."
• 37% of cryptocurrency investors are concerned about debt.
• One-third of millennials are concerned about debt and 43% of financially independent millennials say they are "struggling."

"By testing tools to make customers' unique situations better — like budgeting apps or consolidation cards for the 'strugglers' group — banks can make a huge difference in their lives and earn long-term loyalty that will pay dividends when their financial situations turn around," Sui Tripp, VP of insights at Brooks Bell, said in the release. "At Brooks Bell, we know that understanding your customers isn't a one-and-done activity. Fostering a consistent experimentation program focused on customer insights is key to supporting both memorable customer experiences and positively impacting a business's bottom line."