Why Gen Z Could Reshape the Banking Relationship

Gen Z is often described as restless, digital, and quick to switch financial providers. But Bill Hampton, president of payments provider Primax, paints a fuller picture in a recent ProSight Quick Q&A: this is also a generation shaped by instability, focused on financial wellness, and poised to become a major force in the future of financial services. 

That combination matters for banks. The challenge is not simply getting Gen Z in the door. It is understanding what this generation expects once it gets there. His main points included:  

Economic instability has shaped both caution and ambition. Gen Z “came of age amid a lot of economic instability.” Many entered adulthood during the pandemic, carry significant student loan debt, and have experienced real financial insecurity. As a result, Hampton describes them as “pretty risk-averse in general,” with a strong savings mindset and a focus on reaching a particular lifestyle and set of goals. He also says they are looking for “financial wellness, self-service tools, and empowerment.” 

Digital-first is the starting point, not a nice extra. Banks need to begin with “a digital-first environment for Gen Z.” Hampton’s point is that Gen Z lives in a digital-first environment, using phones to seek information, get advice, and act on decisions in real time. But speed and convenience alone are not enough. Hampton says Gen Z also expects empathy, authenticity, and community connection. “They expect financial institutions to be there every single moment of their life—whenever they need them,” he says. 

The opportunity is to be present at the point of decision. Hampton’s most practical point may be that banks can embed themselves into the daily tools Gen Z already uses. “If the financial institution has the tools available in the apps already being used daily—like online banking or payments—the value becomes embedded and you have a leg up on the competition,” he says. “That’s an amazing opportunity.” 

Fraud awareness may be a hidden strength. Gen Z may actually be among the best customers to have from a fraud standpoint because they monitor transactions constantly. He describes them as “extremely concerned about fraud” and says they are “highly educated about how fraud works and actively participate in fighting it.” 

Culture still matters. Hampton argues that long-term connection depends on authenticity. Financial institutions, he says, can benefit from bringing the generations they serve “into the ranks and empowering them in leadership.” 

The takeaway: Hampton sees Gen Z not just as a demanding customer segment, but as a generation that will drive business growth, innovation, and broader change. For banks, the institutions that meet them where they are—digitally, culturally, and financially—may be the ones best positioned to grow with them.