New Report Reveals Demand for Youth Banking is High Among Families with Generation Z and Alpha Children

REGO and Q2’s latest report explores what motivates families to introduce their kids to financial products and how banks and credit unions can play a critical role in the journey

BLUE BELL, Pa., March 28, 2024 (GLOBE NEWSWIRE) -- Today, Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), and Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for financial services, announced the release of the “Banking on Tomorrow: How Today’s Youth Will Shape the Future of Banking” report, which provides a comprehensive analysis of the financial habits of Generation Z and Alpha and their parents' preferences for a youth banking solution. In addition, the report highlights the transformative impact youth banking solutions can have on the growth of financial institutions.

In recent years, banks and credit unions have faced a multitude of challenges related to digital disruption and new financial technology entrants. To combat these challenges, financial institutions have focused on increasing customer loyalty and deposit growth. The report offers insight into how both of those objectives can be achieved by tapping into the population of hands-on, well-educated parents who are hoping to instill healthy financial habits in their children.

“This report sheds light on the opportunity for financial institutions to partner with fintechs to deliver products and services that meet the needs of Generations Alpha and Z,” said Johnny Ola, managing director, Q2 Innovation Studio, at Q2. “Through the Q2 Innovation Studio, financial institutions and fintech partners, like Rego, can collaborate to deliver the right products and services at the right time throughout the financial journeys of Generations Alpha and Z.”

Emphasizing the unique needs of both parents and children when it comes to a youth banking solution, the report substantiates the opportunity that financial institutions have before them: banking on tomorrow.

“In the era of rapidly evolving technology, it is paramount that financial institutions understand the developing financial habits of the next generation,” said Peter S. Pelullo, Chief Executive Officer at REGO. “Our findings spotlight the undeniable economic influence and spending power of these future banking customers and how traditional banks and credit unions are uniquely positioned to capitalize upon that.”