There is an increasing rise towards people opening up multiple bank accounts, especially with the younger generations. This is evident by the 1 in 3 Millennials and Gen-Zs having opened at least two separate new accounts within the past 5 years.
Recent studies have shown that 18 – 21-year-olds (the Gen-Zs) are especially active in opening up new accounts, with 81% of them claiming that they would consider opening another bank account within the next three years. This is a higher amount than what the Millennials claim though in this study. The study with Millennials showed us that 75% of them claimed that they are considering opening another bank account within the next three years.
However, with all of this interest from the younger generations wanting more accounts, this attracts change. Now, with a larger amount of the younger generation wanting to explore their banking options, this invites more technology that comes with this generation. An example of this is how a quarter of those under 37, surveyed were using mobile-only bank accounts. This, of course, changes many things that banks have to do differently in order to attract the younger generation, including marketing, pricing, communication and much more.
The digital age of Millennials and Gen-Zs seems very apparent when analysing the results in even more studies. When respondents were asked about what they look for when opening a new bank account, they responded by stating the following areas; mobile banking, convenience, functionality and an easy to control account.
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