Gen Z and Millennials are doing great.
Gen Z and Millennials feel fantastic about their financial situation. Please re-read the previous sentence. It’s easy to get caught in the doom loop that surrounds all of us. Doom & gloom gets more clicks, and we all know this, yet we allow the negativity to cloud our judgment.
This summer, I wrote The Mythbuster Memo (https://www.linkedin.com/pulse/mythbuster-memo-anuj-shahani-jhlse/), my worst-performing newsletter for the year. One can’t make this up. Probably it was too positive for readers?
IF you believe in data, then please consider that Gen Z andMillennials are feeling much better about their financial health. This helps explain the growth across the board, including premium cards, across various experiences, and new products.
Patrick has a fantastic presentation on 2026 Financial Services Marketing Predictions (https://clients.mintel.com/content/report/2026-financial-services-marketing-predictions). I’m happy to schedule this forthe first two weeks of December or in the new year. He identifies three key themes for next year:
1. Control Amid Chaos
Continued macroeconomic uncertainty, combined with adecreasing interest rate environment, will drive banking competitors to highlight budgeting tools and lenders to promote refinancing as a proactive form of reasserting control.
2. Old Money, New Tricks
A surge in financial confidence among the youngest segments of adults will reshape brand strategy, as financial services companies target Gen Z adults as intrafamily influencers who can steer their parents to new products and planning techniques.3. Simpler Is Smarter
Premium card relaunches are pushing the boundaries ofproduct complexity, causing competitors to use simplicity as a differentiator in marketing. As financial brands refocus on checking accounts and primary status, doing the basics better will be a recurring theme.
11 Nov 2025
Precision in Motion
Targeting and Channel Strategy in Q3 2025. What the Data Tells us about Issuer Intent?
Fulcrum Question: If discovery is shifting to GenAI andtrust is being built on the margins, where does competitive advantage come fromnext?
I typically spend 4-6 hours putting this newsletter togethereach week. Sometimes, I take twice as much time (this happens quarterly).The reason is that these two reports I feature today capture so much incredible detail that I struggle to boil them down to the key takeaways. Pulling out just two or three takeaways is like trying to pick a favorite from a buffet where everything matters. That’s what makes this edition one of the toughest and most rewarding to write.
1. Q3 2025 Credit Card Application Report (https://clients.mintel.com/content/report/q3-2025-credit-card-application-report)
2. Financial Profiles - Q3 2025 (https://clients.mintel.com/content/report/financial-profiles-q3-2025)
I highly recommend reading both reports in full. But ifyou’re short on time, or just looking for a guided tour, here’s what you need to know. Below, I’ve laid out the key takeaways of how each issuer is playing the game.
Bank of America
BofA hosted its investor day event this past week, markingnearly 15 years since its last one. You can view the full 300+ page deck here (https://d1io3yog0oux5.cloudfront.net/_9c3a9cac0941d0a30fd088b1ce0b7203/bankofamerica/db/968/10447/file_upload/BofAInvestorDay_FullPresentation_Final.pdf).
My goal was to validate what I saw in Q3 activity with the broader vision, and there’s perfect alignment. BofA is focused on quality over quantity. Product cross-sell and relationship depth are key priorities.
4 Nov 2025
Why Gen Z Pays Differently
Gen Z wants to borrow smarter, faster, and on their own terms.
The opportunity? Build the tools that meet them where they are.
Fulcrum Question: Does our product help a user make a smart choice right now, one they’ll feel good about tomorrow?
I always smile when people say Gen Z doesn't like credit, as I know this is not true. Today, I have some statistics to back up that smile. Gen Z is reshaping credit, incorporating the best elements of debit as a component.
Gen Z is not a generation of spenders or savers. It’s ageneration of choosers.
They want tools that are simple, transparent, and seamlessly integrated into their existing shopping and payment processes. BNPL’s rise is about gaining control and confidence. The brands that appear at checkouts makeflexibility feel intuitive and win the current transaction, while also being front-runners in gaining long-term loyalty.
BNPL’s Blueprint: Empowerment in Four Taps
BNPL’s rise is not a fluke. What started as a short-term lending tool has evolved into a frictionless way for young consumers to gain greater control over their finances. And the numbers show it.The result: BNPL feels modern. It feels like it's been designedfor them.From Control to Confidence: Why This Matters
Dig beneath the behaviors, and a bigger motivation comes into view: control. And with it, something even more powerful: confidence. Gen Z doesn’t want to be told how to manage money. They want tools that work like the rest of their digital life: intuitive, transparent, and available instantly.
That’s why the best BNPL providers are doubling down on clarity. Terms are easy to understand. Installments are visible at checkout. Alerts remind users what’s due and when. And if something slips? The UX doesn't punish, it guides.
BNPL proves this: when you treat the user as capable and in control, they repay you with trust.The Takeaway
The future of credit isn’t about interest rates or APR calculators. It’s about trust at the moment of action.
Whether your customer is buying sneakers or booking their dream vacation, they’re evaluating your product on one thing: Does this help me get what I want, without surprising me later?
Get that right, and you don’t just win the transaction; you also win the customer.You earn the repeat. You earn the relationship. You earn the default position in their financial life.
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