From Piggy Banks to Bitcoin: What Generation Z Actually Wants from Banking

A generation is changing the world of banking. This generation, named Generation Z, has come into existence in an era where there are smartphones and social networking as well as easily available information. Because of these reasons, this generation demands convenience and immediacy in banking. Banking institutions, therefore, are under pressure to adapt themselves to this generation.

The most important trend among Gen Z population is their preference towards digital banking. According to a survey in 2025, 72% of Gen Z clients preferred online banks because of their accessibility and mobility.¹ Banking apps have become essential and 69% of Gen Z use the mobile app of their bank.¹ Ease of access has become a major criterion for choosing banks.

Generation Z loves UX. The apps which are loved by Gen Z must have user-friendly interface and must be appealing. It was found out that 75% of Gen Z population will not use difficult banking apps.² Some of the things which are liked by Gen Z include quick transfer facility, budgeting features, spending analysis and self-service facilities. Another feature that young people like in banking includes payment systems as they allow them to instantly send money unlike banks.

Another important factor is personalization. Generation Z thinks that banks must understand their needs and give customized advice. According to MasterCard, Gen Z is demanding digital, transparent, and personalized banking services.³ Generation Z seeks greater control of their finances, and they prefer applications through which they can conveniently manage their spending and subscriptions.

Generation Z may prefer online banking; however, security is just as crucial. Some of the factors considered by people when selecting their banks include trust, security, low fees, and good interest rates, according to research by YouGov.⁴ It cannot be ignored that security and safety remain very important factors among young people despite online banking.

Equally, cryptocurrency has gained a lot of popularity among members of the Gen Z generation. Research conducted globally has revealed that 51% of adults in Gen Z either own or have at some point owned some form of cryptocurrency.⁵ The young generation finds cryptocurrency to be a very interesting form of financing compared to how things used to be traditionally. Cryptocurrency is favored by young people due to its accessibility, possibility of making gains, and financial freedom it brings about. However, according to surveys done, most of the Gen Z consumers are reluctant to embrace change from the traditional banks, with 73% of them saying no.⁵

There are many challenges faced by the traditional banking institutions in trying to address these demands. First, the old traditional banks were not built in the mobile environment which Gen Z members operate in.

Conclusion

To conclude, Generation Z requires a bank that is updated, productive, tailored to personal needs, and reliable. Of course, there are certain functions for which the traditional bank remains relevant, but it is important for it to constantly adapt and change so as to meet the needs of young customers. The future of banking, thus, seems to lie in between both worlds.

Bibliography

BestMoney. Gen Z Banking Survey (2025).https://www.bestmoney.com/onli

ne-banking/learn-more/gen-z-banking

Mastercard. What Gen Z Wants from Payment Providers and Digital Banking (2024).https://www.mastercard.com/in/en/news-and-trends/Insights/2024/what-genz-wants-from-payment-providers-and-digital-banking.html

Mastercard. How Gen Z is Inspiring a Reinvention of Banking (2025).https://www.mastercard.com/in/en/news-and-trends/stories/2025/gen-z-innovation-banking.html

YouGov. What Gen Z Wants from Their Banks (2025).https://yougov.com/en-gb/articles/52942-what-gen-z-wants-from-their-banks

American Bankers Association. Preferred Banking Methods Survey.https://www.aba.com/news-research/analysis-guides/preferred-banking-methods

Deloitte. Digital Banking Maturity Report.https://www.deloitte.com/global/en/Industries/financial-services/research/digital-banking-maturity.html

PwC. Global Consumer Insights Survey – Financial Services.https://www.pwc.com/gx/en/industries/financial-services/publications.html

World Economic Forum. Financial and Monetary Systems.https://www.weforum.org/topics/financial-and-monetary-systems

International Monetary Fund. Fintech and Digital Money Research.https://www.imf.org/en/Topics/fintech