Survey: Buy Now, Pay Later Increasingly Popular Among Gen Z and Millennials, Banks Face Loyalty Challenges

Jakarta – A latest report from the Deloitte Center for Financial Services has revealed fundamental shifts in the behaviour of financial services users, particularly among younger generations, namely Gen Z and millennials.

The results of a Deloitte survey conducted in 2025 show that both generations differ from previous generations not only in their use of technology, but are also increasingly similar to one another in their expectations of digital services offered by banks and financial institutions.

This finding is significant for policymakers and financial industry players who are monitoring the development of modern payment methods, such as Buy Now, Pay Later (BNPL), which is gradually entering the digital banking ecosystem and choices of young consumers.

Meanwhile, the millennial generation is regarded as more financially cautious and tends to be predictable in its banking habits. However, data shows that this perception is not entirely accurate. In fact, both groups tend to demonstrate very similar digital behaviour when it comes to the use of financial services and applications.

They no longer view banking relationships as exclusive relationships with a single provider, but rather as part of an integrated suite of services interconnected through digital applications that provide intuitive and flexible user experiences.

The survey shows that users from both generations rely heavily on various financial applications, not just conventional banking applications, but also including budgeting tools, investment platforms and digital payment services.

An important part of the report shows that banking experience is now built around applications, and both young generations are almost identical in terms of their digital needs.

Approximately 70 per cent of respondents in the two groups have authorised banks to share their data with other service providers for a better digital experience.

According to Deloitte, this demonstrates that open banking, a model in which customers authorise financial institutions to share data with other service providers, has become a basic expectation rather than merely an additional feature.

They view data openness not as a risk, but as an opportunity to obtain recommendations, loyalty benefits and more seamless payment experiences.