Young Generation Switches Banks Easily, Deloitte Survey Reveals Reasons

JAKARTA — The loyalty of young people towards banks can no longer be measured solely by satisfaction levels, according to a latest report from Deloitte.

Despite Generation Z (Gen Z) and millennials recording high satisfaction levels towards their primary banks, this group actually faces the greatest risk of switching to other institutions, the report shows. The findings are contained in Deloitte’s report published on 12 February 2026.

Although the survey was conducted in the United States, it provides insight into the behaviour and perceptions of young people towards banking services, findings that are likely applicable to other markets including Indonesia.

Overall, customer satisfaction with primary banks ranges from 93 to 95 per cent across all generational groups. However, the report notes that satisfaction is no longer synonymous with loyalty, particularly among Gen Z and millennials.

According to Deloitte, among all generations, Gen Z and millennials demonstrate the highest risk of switching from their primary bank, despite satisfaction levels only marginally lower than older consumers. This means that whilst young people’s satisfaction levels are only slightly lower than older generations, their propensity to consider switching banks is considerably higher.

This phenomenon is not new. Deloitte cited a 2014 FICO survey showing that millennials were five times more likely to close bank accounts compared with customers over 50 years old.

The report emphasises that young people’s loyalty tends to be conditional. Even minor obstacles in banking experience can trigger a switch. “A single moment of friction—whether slow fund transfers, confusing fees, or overall unsatisfactory customer experience—can trigger customer switching. Loyalty appears to be more conditional amongst them,” Deloitte stated.

Slow fund transfer processes, confusing fee structures, or seamless digital experiences could be sufficient reason for young people to seek alternatives.