Skip to content Skip to footer

Loading Results

2019 Consumer Digital Banking Survey: The ever-changing consumer

June 2019

Consumer Digital Banking Survey overview 

PwC’s 2019 Consumer Digital Banking Survey comes as the industry is still learning how to solve the banking needs of younger and tech-savvy consumers. Our initial review of the data shows great variety in age-related differences, how consumers define their primary bank relationship, and where consumers find trust with their banking needs.

These are just a few initial takeaways from our latest annual Digital Banking Survey, where we asked approximately 5,000 people about their banking, borrowing, payment, and investment habits.

The changing definition of "primary bank"

Do banks and customers agree on the definition of a primary bank relationship? It depends on whom you ask, according to this year’s survey. We saw greater age-related differences not only in primary bank selection, but also in how consumers define their primary bank.

How consumers perceive trust also differs

Financial institutions are beginning to recognize that solving banking needs means catering to different generations. Considering that banks spend about $350 per account in annual costs, understanding what forms the nucleus of the bank-consumer relationship at a micro level can influence profitability over the longer term. That’s especially true when considering that digital products reduce switching costs for consumers.

New variables for deposit growth

Securing a customer doesn’t mean a bank will automatically win that customer’s next account. In fact, consumers suggest that they are just as likely to open their next account with a new bank as they are with their existing bank. Customer expansion has always been easier than customer acquisition. Yet, whether it is because of today’s more fickle consumer or lower switching costs, the trend increasingly requires banks make relentless efforts to earn and maximize customer lifetime value.


Of respondents plan to open a deposit account this year, including 46% of Gen Zers and 26% of millennials.


Likely won't do so with the bank they currently use.


Increase in segments who place more importance on experiential factors than rates since 2015.

How PwC can help

Our teams in asset and wealth management, banking and capital markets and insurance are helping our clients tackle the biggest issues facing the financial services industry. With professionals across tax, assurance and advisory practices, we can help you find ways to thrive even in a period of uncertainty. Whether you're preparing for regulatory changes, putting FinTech/InsurTech to work or rethinking your human capital strategy, we work together with you to deliver value to your business.

For more information on how PwC can help, reach out to one of our leaders below or explore our digital services.

Contact us

David Schiff

Principal, FS Digital and Customer-Driven Transformations, PwC US

Greta Lovenheim Capps

Director, PwC US

Follow us