Finance
Banks Fight for Generation Z Customers Who Shun Brand Loyalty
Young adults are eager to capitalize on sign-up bonuses and other incentives. Whether they’ll pay off for the banks is an open question.
Nationwide Building Society’s student account promotion in London.
Source: Nationwide Building Society
Jamie Schmidt has opened more than a dozen bank accounts in the past year, taking advantage of a new-customer promotion each time. So far, the 20-year-old Belfast university student has netted around £2,800 ($3,774) in sign-up bonuses and switching incentives.
“Brand loyalty will get you absolutely nowhere in terms of banking,” said Schmidt, who promotes his strategies on TikTok. A recent video on an account-switching offer from TSB Bank drew more than 300,000 views.