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How neobanks are cashing in on the Gen Z market

November 10, 2021|0 min read
Banking Dive
Originally Published on November 10, 2021
“As more of the leading data companies are helping make finances as they should be, especially among families, we’ll see more fintechs and neobanks winning over the younger audiences,” Shayli Lones said in an email. “Our research showed that only 47% of Gen Z respondents claim to have an account with a traditional bank, credit union, neobank or technology company. It only makes sense that these neobanks would be laser focused on winning this demographic.” As more fintechs create products for younger consumers, there’s also an opportunity for traditional banks to better capitalize on the demographic, Lones said.
“The key to cracking this audience is winning over the parents of these teens, who must give approval for their child to use these services.”
- Shayli Lones, vice president of go-to-market at MX
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