When asked to rank their preferred method of payment, mobile payments came in dead last for all generational groups. Another opinion shared by all generations was that about half of them (47-57%) said they plan to give all of their future deposit business to their current primary financial services provider. Far fewer felt the same away about loan and investment business, however – looking at the results from each generational group, 26-36% said they'd give their future loan business (excluding credit cards) to their current provider, and 26-39% said they'd give their future investment business to their current provider.

BAI said its survey reached an equal number of consumers from each generational group, and that about half of them were large bank customers, with the remaining spread between direct banks, regional banks and credit unions.

"Ensuring a continued understanding of generational banking preferences will remain pivotal for financial services leaders as they build the appropriate strategies to prioritize products and services for their customers," Karl Dahlgren, managing director at BAI, said in a news release announcing the report. "By recognizing these behaviors, financial services leaders can best serve their customers, and use these insights to better predict future behaviors and preferences, positioning their organizations for success."

Below is a summary of other key findings from the report by generation:

Gen Z

• 59% are financially independent (up from 47% in 2019)
• 75% plan to achieve a higher standard of living than their parents
• 58% plan to open a deposit account via desktop or mobile app
• 61% bank at the same financial services organization as their parents
• "Enhance mobile channel" was their top choice when asked how the customer experience can be improved

Millennials

• 85% are financially independent and 71% are employed full time
• Average 114 interactions per month with their financial services organization – nearly four times the number of average monthly interactions for boomers, and 50% more monthly transactions than Gen Z and Gen X
• 55% are more concerned about fraud than they were a year ago; 15% are less concerned
• 85% would bank with a non-traditional bank such as Amazon, Apple or PayPal
• 79% have opened a deposit account online
• 84% are comfortable receiving financial advice via AI tools
• "Quicker money transfers" was their top choice when asked how their banking app could be improved

Gen X

• "Faster payments" was their top choice when asked how their banking app could be improved
• 36% would share more personal information for better service
• 45% prefer banks and credit unions with branches, even if they don't use them
• 53% said their savings have decreased or they have had trouble meeting ends meet since the beginning of the pandemic
• "Best rates" was their top reason for choosing a primary financial services organization (all other generations chose "lowest fees")
• 76% said their financial services organization is doing enough to protect them from fraud and identity theft
• 71% would bank with a non-traditional bank such as Amazon, Apple or PayPal

Boomers

• 27% would bank with a non-traditional bank such as Amazon, Apple or PayPal
• 63% prefer to open a deposit account at the branch – more than twice all other generations and more than four times the number of millennials
• 89% trust their financial services provider and 88% agree it meets their needs
• 24% said their deposits have increased during the pandemic – the most of all generations
• 31% have opened a deposit account online – the least of all generations
• 35% are comfortable receiving financial advice via AI tools