What Gen Z and Millennials Actually Want From Their Financial Institution
Many financial institutions know they need to do better with younger account holders. Fewer have a clear picture of what "better" actually means to Gen Z and Millennials. The answer is more specific and more actionable than most people think.
It's not about being "cool." It's not about having a TikTok account. It's about building a digital experience that respects how these generations move through the world and meets them where they are.
They Want Digital to Be the Default, Not a Feature
The most important shift to understand is this: for Gen Z and Millennials, digital banking isn't a feature they're excited about. It's the default they expect. Just as no one is impressed that a restaurant has electricity, younger generations aren't impressed that you have a mobile app. What they notice and react to is when the digital experience is incomplete, slow, or forces them to use a non-digital channel.
Research from MX found that nearly half of Gen Z and Millennial respondents indicated they're not using their primary financial institution's digital platform for sending money, paying bills, or applying for loans, not because they don't want to, but because doing so was harder than they'd prefer. That's not a tech problem. That's a friction problem. Friction is exactly what drives this generation out the door.
They Want to Handle Everything Without Making a Phone Call
This is perhaps the single most actionable data point for financial institutions: Gen Z and Millennials actively avoid phone calls. Research consistently shows that just 4% of these generations prefer in-person banking, and their aversion to unscheduled phone interactions is equally strong. What they want is to ask a question via chat, schedule a meeting on their own schedule, submit a form online, and get answers without waiting.
Live chat, in particular, consistently ranks as the most desired digital support channel across all age groups, especially among younger generations. An institution without it is effectively telling its youngest account holders that to get help, they need to do something they actively dislike.
They Want Their Auto Loan Before the Dealership Gets Involved
Vehicle purchases represent one of the most significant financial decisions in a young person's life — and one of the most competitive moments for financial institutions. Gen Z and Millennials research vehicles extensively online before ever setting foot in a dealership. If your institution's auto loan product isn't visible and accessible during that research phase, you've likely already lost the loan by the time they walk into the showroom.
CARCOMMANDER puts your vehicle search and loan capability directly on your website — meeting car shoppers at the moment of purchase intent, before a dealership's financing department has a chance to step in.
They Want to Find You Without Friction
It sounds simple, but the data is clear: when a visitor can't find your ATM or branch instantly on their phone, they open a competitor's app. Gen Z and Millennials navigate the world on mobile devices. If your branch and ATM locator isn't mobile-optimized, branded, and easy to use, you're creating friction at exactly the point where you want to reinforce your institution's presence.
The Bottom Line
Gen Z and Millennials don't require exotic technology or dramatic reinvention. They require a digital experience that functions the way they expect technology to function, smoothly, quickly, and without forcing them into channels they don't want to use. Every tool in OMNICOMMANDER's suite addresses a specific friction point this generation encounters in a traditional financial services interaction.
The question isn't whether you need these tools. The question is how many of them you have in place today.
