Online banking is the preferred way to bank from Gen Z to baby boomers but each generation has different priorities, a new study found.
Gen Z - those aged 20 to 30 - values a bank that can educate them and understands their goals, while boomers - aged 61 to 65 - want a protected experience that keeps their information safe, a recent study from banking consultant Alkami found.
And all of them want convenient online banking on par with other digital services.
“Today’s account holders are comparing their digital banking platform to the best digital experience they had this week across consumer applications, big technology, and megabanks,” Alkami wrote.
Some 57 percent of Gen Z expect their bank to be the primary source of their financial education, while 92 percent of boomers say protection from fraud and hackers is important to their digital banking experience.
Some 65 percent of millennials (aged 31 to 46) prefer an effortless banking experience enabled by AI. Gen X (aged 47 to 60) prioritizes relational online banking - phone support is important to 91 percent of them.
The priorities of the nation’s youngest and oldest bankers reflect the economic realities of the two age groups.
Gen Z is just starting out on their financial journey. Their average net worth is the lowest of any adult generation at $162,744, and they’re learning about personal finance and building their long-term money goals, financial services firm Empower noted in a September study.
“The key is establishing good financial habits and disciplines that will help you build net worth over the rest of your life, such as setting aside a certain percentage of pay each month to save and invest,” Empower observed.
Boomers are on the other end of the financial spectrum. Their net worth is the highest of all generations, on average, peaking at more than $1.8 million. Retired boomers are concerned about budgeting to make their savings last, Empower noted.
The time to grow their investment has passed - protection tends to be the focus in retirement.
Banks have responded to consumers’ reliance on digital banking by strengthening their apps and websites.
“Overall satisfaction with digital banking remains strong,” consumer insight firm J.D. Power noted in its 2026 U.S. Banking Mobile App Satisfaction Study.
“Much of this strength is driven by the core digital experience, in which most bank and credit card mobile apps deliver on the fundamentals, particularly in areas such as fast and seamless login, modern design and intuitive navigation.”
J.D. Power issues yearly rankings of a wide range of financial companies such as banks and insurers, along with ratings for vehicles.
Survey participants ranked Capital One the top online bank among nine national institutions, followed by Wells Fargo and Truist, the study found.
American Express earned the top score for the best mobile app experience, followed by Wells Fargo and Chase.
Institutions’ efforts to provide a smooth online banking experience are a matter of survival, the Alkami study found.
Around half of Americans say they’d change banks to get a better digital experience, while another 31 percent have “already opened an account elsewhere following a bad digital experience,” the study said.
“Account holders expect their financial institution to understand how their needs are changing,” Alkami noted.
This article is sponsored by Credit Karma. We may earn a commission if you engage with their services using links in this article.
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