Unlocking the Power of Personalized Banking: Consumer Research Insights

In today’s rapidly evolving financial landscape, one thing is clear: Consumers across generations want personalized banking experiences. From Gen Z to Baby Boomers, banking preferences are more similar than we think.

The Personal Bank: Delivering Personalized Experiences Across Generations reveals that across generations, consumers are aligned in their demand for more customized and responsive banking services.

Banking As a Cross-Generational Unifier

Surprisingly, the research shows that a personalized banking experience is a unifying thread among generations, even as technology and customer expectations shift. According to the report, 74% of respondents, including Gen Z, Millennials, Gen X, and Baby Boomers, expressed a desire for more personalized banking services. All ages of respondents also expressed high levels of trust in their financial institutions—with 70% affirming their trust in banks and credit unions. This trust lays the foundation for financial institutions to deepen customer relationships by offering tailored services that anticipate needs.

AI As a Game-Changer for Security and Personalization

The report also highlights the critical role of AI in enhancing fraud detection and enabling personalized experiences. Seventy percent of consumers are already comfortable with the use of AI for fraud prevention, demonstrating that consumers trust this technology to safeguard their financial data. Additionally, 66% of respondents are comfortable with their financial institutions using their data to offer personalized services, signaling a significant opportunity for banks to build customized digital experiences that meet modern expectations.

Digital Banking’s Dominance

Digital banking is a staple across generations. With 55% of consumers choosing to conduct their banking online and 48% accessing their mobile apps daily, convenience and accessibility are key drivers of customer satisfaction. This trend is especially prominent among Gen Z, with 60% reporting positive financial impacts from personalized digital banking features. For financial institutions, the takeaway is clear: To remain competitive, they must enhance digital capabilities with personalized experiences that consumers across generations demand.

The Path Forward: Creating Tailored, Trustworthy Experiences

As financial institutions look to the future, the data from The Harris Poll Report, commissioned by digital banking solution provider Q2, offers practical insights into how they can continue to serve consumers.

With trust already established, banks and credit unions have the opportunity to evolve into trusted partners in their customers’ life journeys by delivering personalized, data-driven tools and services.

Read the full report here and explore how your institution can leverage these insights to enhance customer experiences across generations.