Mobile banking and debit cards are significant to generation Z Americans (ages 17 – 20), according to data from the 2015 TD Bank Checking Experience Index.
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About three quarters (74%) of the gen Z customer segment said that debit card was essential, compared to 56% of overall Americans.
Also, 41% of gen Z respondents cited that their bank’s mobile app was essential, compared to 22% of overall Americans.
The survey further points out that 86% of Americans feel positive about their banking relationships, rating their checking accounts as ‘excellent’ or ‘very good’.
Out of the respondents, 39% in the gen Z segment ranked mobile banking as a top day-to-day banking service or feature, versus 17% of overall Americans and 32% of millennials.
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By GlobalDataMoreover, 93% of gen Z respondents rated their banks debit offerings as excellent or very good, as against 84% of overall Americans and 88% of millennials.
Nearly half of the survey’s respondents (53%) further cited that they have used a payment platform, including PayPal or Venmo, to pay a person in the past three months.
On the other hand, only 11% have utilised a payment platform such as Apple Pay or Google Wallet to make payment to a business in the past three months, the report highlights.
Eighty-three percent of the respondents said that they are either extremely or very satisfied with their primary checking account.
And, 86% of respondents ranked their bank as excellent or very good when it comes to offering friendly and helpful service, which is a rise of 3% from 2014.
TD Bank head of deposit products and non-real estate lending Ryan Bailey said: "It’s encouraging to see that most Americans are still satisfied with their banks and their checking accounts.
"Our findings about gen Z validate the increasing significance of mobile, and suggest that traditional financial services, like debit cards, will remain valuable to consumers and a priority for banks."
