Near The Creative Engagement Group offices in Manchester, UK, is a colourful reminder of how banking is quite visibly evolving to meet the demands of new customers.

Across the street from each other are Clydesdale and Yorkshire Bank’s concept store B Works (‘Like a coffee shop, but our coffee is free and we’re a bank’) and Lloyds Bank, replete with a vegan café. Millennial and Gen Z colleagues sell the benefits of online-only banks Monzo and Revolut, whilst self-proclaimed ‘challenger bank’ N26 pops up into social media feeds. Change is evidently afoot.

It’s a little simplistic to say that the tried and (once) trusted retail banks are dead or dying. But it is certainly the case that retail banking is not what it used to be – evolving radically through fintech, digital transformation, and contextual factors like ‘Open banking’ in the UK. Also, key to this ‘radical evolution’, are the banking behaviours of Gen Z and Millennials.

It is easy to dismiss Gen Z, those born between 1995 and 2015, as too young to factor in when thinking about the evolution of banking products. But in the US, 21% of Gen Z have a bank account by age 10, and 48% have a payment app on their phone. And, according to GlobalWebindex research 33% of Gen Z are already working.