Financial institutions today face a pivotal challenge: achieving relationship primacy in an era of digital disruption. Gone are the days of lifetime loyalty; modern consumers, especially Gen Z, hold multiple financial accounts, switching providers for better tools, rewards, or experiences.

To secure primacy—becoming the go-to financial partner—banks and credit unions must rethink their approach. It’s not just about acquiring new accounts but turning them into active, engaged relationships.

What’s Driving the Shift?

1. Digital-First Expectations: Gen Z demands seamless, mobile-first experiences. Traditional onboarding with friction points drives them to fintech disruptors.
2. Low Loyalty: Gen Z and Millennials juggle 5-7 financial accounts on average, dividing their loyalty across fintech apps and legacy banks.
3. Erosion of Trust: Younger generations prioritize ethical practices, transparent communication, and personalized guidance in choosing financial partners.

How to Win Gen Z Primacy

• Streamline Onboarding: Simplify account setup and integrate tools like direct deposit APIs to lock in engagement early.
• Focus on Experience: Offer intuitive digital interfaces combined with personalized advice and anticipatory financial tools.
• Build Value and Trust: Align with values like sustainability, offer socially responsible rewards, and create moments that enhance financial confidence.

The takeaway? Banks and credit unions must evolve into customer-centric platforms, blending digital ease with human connection to retain relevance and win Gen Z loyalty. The competition for primacy is fierce, but the opportunities for those who adapt are limitless.

Are you ready to make primacy your institution’s priority?