The time in a person’s life when they gain independence from their parents and start to take control, is usually around the age of 18...
JOURNEYING INTO ADULTHOOD
There is a time in a teenager’s life is when they break away from parental constraints and choices to show they have the freedom to control their own future.
As they journey into adulthood, they switch to brands that they feel talk their language and go against convention.
BANKING ON GEN Z
When they gain their independence, teenagers make decisions that affect the rest of their lives.
This is perfectly illustrated with the thing that people generally don't switch – their bank accounts. Or at least not after they have chosen one that suits their values.
- A huge 57% of Gen Z switch their bank accounts when turning 18
- 98% of customers don’t switch bank accounts after this time
Yes, even though it’s been 10 years since the launch of easy account switching in 2013, most customers don’t switch bank accounts after they’ve chosen their bank.
The implications of this are far reaching for brands of all shapes and sizes, in every industry! There really is an opportunity to engage with lifelong advocates.
MAXIMISING THE REWARDS
There are a number of banks and fintechs that are starting to recognise this opportunity, and capitalise on recent trends and conversations. By offering something new and enticing, they can attract new customers and ultimately have the chance to gain lifetime brand advocates.
It takes courage to be different, but those who shed their old ways and adapt to new opportunities are the ones that grow stronger.
