Banking Exchange sat down with industry-leading CEO John Baird, head of Vouched, and discussed the future of the Banking Industry. This article is the first of a four-part series.
Over 40% of Gen Z respondents avoid checking their bank account balances
Gen Z faces financial dependence with 52% not earning enough for their desired lifestyle
Consumers are also cutting back on essential and nonessential spending to cover costs
Growth attributed to increased demand for convenient and flexible payment methods
Figures included 35% who believe they will never achieve financial security
Nearly one in six banks admit to lagging behind or working to catch up with digital transformation
Banks would lose nearly $685 billion in hypothetical scenario of extreme recession
Three-quarters of respondents expect AI to introduce more benefits than risks to central banks
The rapid implementation of AI within banking and financial markets institutions has caused a decline in workplace culture
