How to Increase Gen Z Approvals at Account Opening
Blog post from Socure
Gen Z, defined as Americans born between 1997 and 2012, is a diverse generation of nearly 90 million people entering adulthood and expected to become a major source of future consumer growth, with collective buying power already nearing $150 billion. Unlike millennials, many Gen Z consumers have limited credit histories, favor personalized, values-driven digital experiences, and often use alternatives such as buy now, pay later rather than traditional credit cards, creating challenges for businesses that rely on credit-header data and manual identity reviews. The text argues that these legacy onboarding methods can produce unnecessary rejections and customer abandonment, while organizations that improve identity verification and reduce friction can gain an advantage in acquiring thin-file and credit-invisible applicants. It presents Socure’s API-based identity platform, which uses machine learning, extensive data sources, and identity clustering to assess digital identities, as a solution, citing claimed improvements in approval, SSN-match, and address-match rates for young Gen Z users as well as revenue and account-acceptance gains for customers.
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