Nearly half of Gen Z would switch financial providers for free subscriptions

New Bango research reveals an opportunity for banks to turn subscription perks into lasting loyalty

Nearly half of Gen Z Americans (48%) would switch financial providers for free access to their favorite subscriptions, according to new research from Bango.

The US findings, drawn from a survey of 2,500 consumers conducted for Bango’s new Banking on loyalty report, also show that 47% of Gen Z would be more loyal to a bank or financial provider that helped them save money on subscriptions.

However, banks have barely begun to meet that demand. Among Americans who receive subscriptions indirectly, only 9% get one through their bank. By contrast, 35% get subscriptions through a cell phone provider, 34% through a retailer, and 25% through a TV, satellite, or cable provider.

That gap is particularly visible among younger consumers. Almost half of Gen Z (48%) expect streaming services to be included as a bank perk, compared with 43% of Millennials and 28% of Americans overall.

The opportunity also extends across the wider market. Nearly one in three US consumers (31%) would switch financial providers for free access to their favorite subscriptions.

Bango believes this gap represents a loyalty and revenue opportunity for banks. By giving customers a single place to find, manage, and upgrade subscriptions through their bank account, app, or wallet, financial providers can use a one-time benefit to build longer-term loyalty and engagement, while encouraging customers to upgrade to premium banking services.

“Consumers already get subscriptions through cell phone providers, retailers, and other companies they use every day. Banks are not being asked to create a new consumer behavior. They are playing catch-up with one that is already established elsewhere.

“For Gen Z, subscription benefits are already influencing how they choose and judge their financial providers. A voucher or cash-back offer may get attention, but it often sends the customer elsewhere once redeemed. The bank pays for the benefit while another provider owns the ongoing relationship.

“Banks already sit close to customers and their money. Those that make subscriptions easier to access, manage, and upgrade can turn a one-time perk into repeating loyalty – something customers use month after month, making their accounts more useful and building stronger engagement and recurring revenue. But that role will not be theirs by default. If banks do not build the relationship, someone else will.”

Paul Larbey, Bango CEO