GenZ and Millennials Want Credit for Bills They’re Already Paying

GenZ and Millennials rank the ability to build credit with regular bill payments as their most desired checking account feature—ahead of automated health expense reimbursements, rewards for investing, and subscription bundles. While a majority of financial institutions show customers their credit scores, only 5% help them actually improve those scores. Since 2020, $3.15 trillion has fled traditional banks and credit unions as young consumers choose fintechs for credit building and financial wellness.

New research conducted by Cornerstone Advisors commissioned by Bloom Credit, reveals how consumer-permissioned data (CPD) can reverse this trend and capture a $110 billion deposit opportunity. The study of 1,846 Millennial and GenZ Americans with subprime, near-prime, or no credit scores shows these consumers will move their money to institutions that help them build credit. 73% would open new checking accounts for credit-building features. 79% would switch payment methods to boost credit scores. 68% would move direct deposits for credit reporting capabilities.