Financials - India: Survey insights: How Gen Z and Millennials bank, borrow and invest

Research evidence excerpt

Financials - India: Survey insights: How Gen Z and Millennials bank, borrow and invest

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Financials - India

Survey insights: How Gen Z and Millennials

bank, borrow and invest

Industry Overview

We conducted an online survey of 1000+ Indian digital users through SurveyMonkey in 09 July 2026

Jul’26 to assess consumer preferences and evolving financial behavior. The survey included a Equity

balanced mix of Gen Z (18–29 years) and Millennials (30–44 years), offering insights into India

generational differences in banking, lending and investment preferences. Financial Services

>>Big4 and PSBs continue to dominate banking relationships MadhurResearchSharmaAnalyst

Incumbent banks retain a significant competitive advantage, with Big 4 private banks BofAS India

and PSBs accounting for 80%+ of primary banking relationships. Trust and service +91madhur.sharma2@bofa.com22 6632 8945

quality remain the key drivers of bank selection, outweighing digital capabilities. Pujita Pasumarthi >>

Although digital experience is not the primary factor in choosing a bank, it is increasingly Research Analyst

BofAS India

influencing customer acquisition and retention, with nearly half of respondents open to +91 22 6632 3058

switching for a superior digital offering. Even for credit, banks remain the dominant pujita.pasumarthi@bofa.com

source, but acceptance of fintech and NBFC lending platforms is steadily increasing.

Moreover, Millennials exhibit higher credit penetration, greater use of unsecured

products, and a higher willingness to borrow from non-bank lenders.

NBFC – Non-banking financial

Credit cards: Selective usage, low penetration among GenZ companies

Credit cards remain a secondary payment option for both Gen Z and millennials. But