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Banking, Cash and Fintech: What do people think?

In Q4 2019, Mower’s Financial Services Specialty Group conducted an online survey of people who currently bank with at least one financial institution (795 respondents). We were interested in learning more about people’s attitudes and behaviors around banking, their perceptions of cash, and their perceptions of fintech. With an eye toward generational differences and ways to refine messaging and targeting for financial institutions, we dug into these key areas and found some interesting differences and similarities among the generations.

One key element that’s especially relevant in our current times is the strong desire from younger generations to have a social, personal connection with their financial institutions. It seems Gen Z is a bit more like boomers in this respect, making them “boomerangs” who share a trait with those three generations ahead of them. However, in light of the world’s social distancing, this true connection is tough. And yet, personalization and relevance are that much more important today than ever.

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