U.S. millennials and Gen Z are most satisfied with online banks and fintechs for checking accounts
In a survey of more than 23,000 U.S. adults, millennials gave online banks and fintechs an overall satisfaction score of 699 on a 1,000-point scale, versus 672 for national banks.
What's happening
According to Banking Dive, online banks and fintechs achieved the highest checking account satisfaction among both millennials and Gen Z in a JD Power survey of more than 23,000 U.S. adults. Among millennials, these institutions' average overall satisfaction is 699 on a 1,000-point scale, versus 672 for national banks; among Gen Z, online banks and fintechs reached 701. Online banks and fintechs account for 20% of existing primary checking relationships among millennials and Gen Z, and for 28% of newly opened checking accounts.
Behind the number
The figures are based on JD Power's survey of more than 23,000 U.S. adults and describe the U.S. only.
Whose desk it lands on
The executive responsible for digital channels at a bank. At online rivals, 85% of young customers say their balance updates immediately or within hours, versus 70% at traditional banks; where do we stand on this measure?
Our view
The CX Brief's interpretation, not a claim made by the source.
Young customers' satisfaction with online banks shows up in account openings: 28% of new checking accounts opened by millennials and Gen Z are at these institutions. The survey also points to a gap in an everyday detail: 85% of young customers say their balance updates immediately or within hours, versus 70% at traditional banks. For young customers, the difference seems to show up in how the account works day to day, even before promotional campaigns come into play.
