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Zoomer Financial Habits: Bill Pay

Posted by Katerin Gomez and Saman Kazmi on 12 Oct 2021

*Originally published on CUInsight.com

There are various generational differences when it comes to financial habits. Let's begin by talking about bill pay. What is it, and how does it work? If you are familiar with the payments industry, you know electronic bill pay is growing extremely fast. Its fast growth can be compared to Zoomers, whose financial impact is also on the rise. Financial institutions recognize that their future customers or members are Zoomers. They value speed and efficiency, and the most modern payment experience is extremely attractive to Zoomers since some are already paying their phone bills and about 42%, their tuition. Here, find out some critical facts about Zoomers and bill pay from data and Zoomers surveyed for this blog.  

It’s Faster and Convenient

Since Zoomers have grown up surrounded by technology, mobile payments through their smartphones are a given. They demand newer ways to pay and expect transactions to happen at a faster pace. They want a more seamless experience when it comes to billing and payment services. Therefore, they prefer to pay bills by linking their debit cards, cutting down on paper billing statements, and choosing a digital payment. For Zoomers, it also means reduced paper waste, which they value so highly that they are willing to pay more for ecologically friendly services. As the next generation of workers, “generation green,” roughly 73% of Zoomers are willing to pay up to a 10% price premium for a more sustainable option. So, if financial institutions wish to attract a larger Zoomer audience, this is a critical factor to consider.

However, let's not confuse a Zoomer’s interest in digital payments with wanting to bank completely online. Maha, student, and CEO of Maha Cosmetics shared, “With a robot representative, it can get tedious because they might not be able to solve your issues. I would prefer [a human representative] so I don’t have to drive and be face to face with someone. It’s more convenient to do it quickly over a chat box.” Financial institutions, while stepping up their game when it comes to automated payments and other advancements, should keep in mind that although the Zoomer generation is very digital, we still expect some sort of human interaction. “It adds a more personal touch, especially when I’m having an issue on my phone with my payments. I would rather talk to someone to get help,” Cristian, a recent graduate and project administrator at ITG Larson, shared. 

Credit Scores Are Definitely Important

With many Zoomers currently in college or fresh out of college, many may be in hopes of building up their credit scores. Connecting with financial institutions to obtain a credit card can help them build their score if they pay close attention to their payment history. Maintaining excellent credit habits and a good credit score requires making sure all payments are made on time. This brings up the topic of automated bill payments. They can be easy to process and are used by many Zoomers. But what else could be just as important to having a solid credit score when it comes to automatic payments? Convenience. It’s what Zoomers look for when it comes to the services they prefer. Kevin, a recent Zoomer graduate and Software Development Engineer at Amazon, stated he has automated payments set up which are linked directly to his bank account. So essentially, he only “[looks] at the statements afterward to make sure the transactions made sense.”

Experian’s 11th annual State of Credit report found that Gen Z has lowered its credit utilization rate and decreased its number of missed payments. The data shows that Zoomers have missed fewer payments than other generations. It serves as evidence as to how much Zoomers care about building their credit—which means making on-time payments. They are being better educated on credit and can benefit from various tools and sources that provide free credit scores and that show the potential of paying off debt or opening a new credit line. 

Zoomers are starting to have long-term goals when it comes to building credit. They don’t want to make the same mistakes their predecessors made when it came to debt. One out of every two Zoomers say in the next ten years, owning a home will be their challenge but it's something that they plan on working on. “I always make sure I schedule my bills ahead of time because I’m scared to see my credit score drop, especially now that I’m working towards purchasing a home in the next couple of years,” Lashawna, a recent graduate and Marketing Coordinator at a mortgage company stated. Zoomers are looking ahead and plan on making careful decisions when it comes to paying off their bills. 

It Goes Both Ways

Although not every Zoomer is savvy when it comes to credit or bill payments, a lot of them want to learn more about their finances. “I don’t know where to begin when it comes to banking, so any help or tips would be great,” says college student Kayla from the University of New Haven. For financial institutions to go to schools and colleges and meet Zoomers where they are could serve a tremendous benefit, especially those who are newly entering higher education. Resources should be customized so that they resonate with Zoomers more. That said, offering value-based programs to attract upcoming college students can be highly effective. When coming up with a strategy, keep in mind that becoming educated about the preferences of Zoomers is just as key as effectively teaching them about building credit scores and other important financial decisions. 

Read more about Zoomers in Zoomer Generation’s Core Qualities and Values


Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

Katerin Gomez Marketing Associate Katerin has a passion for market research and content development in the tech space. She has worked at a major residential mortgage lender, and completed an internship in customer experience at a technology company. As a Zoomer, she is eager to learn more about the FinTech industry and how it moves the banking industry forward. She holds a Bachelor of Arts in Communications and Spanish from Caldwell University and recently graduated from Rutgers University with a M.A in Communication.
Saman Kazmi Marketing Intern Saman Kazmi is an intern for Alacriti’s Marketing team who is currently a Junior in college. Currently attending Rutgers Business School, she is expanding her knowledge of Marketing in the FinTech industry day by day. Her areas of interest include Fast and Efficient Payment Methods, Digital Marketing, and Social Media marketing. Saman brings to the table a creative mindset as well as enthusiasm to learn new things.