A new study published this month by Fico, a US data analysis company, shows that more and more young people (specifically millennials and generation Z) are considering online banks as their main provider of current accounts.
The report notes that while many consumers are satisfied with traditional bank services, the percentage of those two generations who chose fintech over traditional banks as their primary banks has doubled since 2020.
"Faced with this international scenario, banks around the world have had to modify their traditional business model and quickly adapt to the flexibility and digitalization that young people demand," underline the experts at the financial comparator HelpMyCash.com.
The truth is that for a generation that has grown up along with technological advances and is unable to leave home without its mobile, the most important thing is digitization. “And it's not just about having a mobile app. The demands go further. They want to be able to operate immediately: receive and send money at the click of a button, invest, check movements, defer expenses... They want to connect their account with other apps and for the process to be not only fast but also secure”, summarize the experts.
Another point that attracts young people is the savings and investment tools. In this case, the accounts offered by online banks N26 and Revolut allow their customers to automate savings.
As for the possibility of investing, Revolut allows you to buy cryptocurrencies and raw materials. In addition, its app allows you to see the evolution of investments in real time. “It is worth noting that when betting on this type of product it is extremely important that the person understands and knows what they are investing in. The risks of loss can be very high, so do not get carried away by emotion, ”they advise from HelpMyCash.com.
In addition to immediacy, young people value freedom. They look for entities that do not force them to be linked too much, much less that charge them commissions for everything. “A traditional bank that knew how to quickly read this demand was BBVA”, acknowledge personal finance experts.
The blue bank offers those under 30 years of age one of the most attractive accounts on the market, the Online Account for Young People. Not only because it has no commissions and requirements, but also because it offers attractive discounts such as returning up to 9.99 euros per month for 6 months in one of the following subscriptions: Netflix, HBO Max, DAZN, Spotify, Disney Plus or PlayStation Plus.
"Another constant demand of young people, especially among those who are beginning to share a flat, is the possibility of having an account with several holders," they say from the comparator. And if there is a bank that has thought of satisfying this desire, it has been Openbank. Its current account allows up to five holders, it also does not charge commissions and is currently giving away 40 euros if you are one of the first 2,000 to open the account and transfer 300 euros.