Young Mexican consumers are satisfied with the financial institution of their choice, however, their loyalty is not guaranteed.
According to a study The state of banking for young adults in the region, presented by the platform Mambuwhich surveyed 1,250 millennials (from 25 to 35 years old) and Generation Z (18 to 24 years old) in six countries of Latin America to determine what they are looking for when choosing a bank, digital or not, and what makes them stay; it shows that they are generally satisfied with their bank.
“72% of them mentioned that they would not switch to their institution, regionally, satisfaction rates were high when it comes to using their bank’s app, with 76% saying they were extremely satisfied (26%) or satisfied (50%) in that section”, they explain.
In this first report of a series of four, it was found that 82% of Mexicans operate with a traditional bank, while neobanks have a lower penetration, since 16% mentioned having contracted one of these. This was in line with the trend in the region, as the only country that reported a higher use of neobanks was Brazil.
Some revealing data regarding the use that young adults give to their bank is that 87% of them wanted their institution to allow them to carry out operations through an app, when contracting it, and currently 83% of them use a debit card as the main product of your institution.
Although respondents expressed some loyalty to their banks, when asked why they would switch, respondents mentioned: better benefits and prices, higher quality customer services and digital tools; as well as better products and services are things they would consider if a rival institution could outbid their current options.
Mexican respondents gave great importance to the possibility of carrying out all the transactions they need with a single institution, since 64% mentioned that they would like to concentrate all their operations with the same one, in addition, 80% prefer to do it with a single application.
“Our survey results reflect the utmost importance and priority that financial institutions of any kind must give to user experiences or see competitors reduce their customer base,” said Alejandro Masseroni, general manager for Mambu in Mexico.
He added that in Mexico today’s young people are financially and technologically savvy and as they grow older, they will expect the same comforts they had when buying rides, clothes and movie tickets.
