Age is a valid characteristic for retail banking, as people generally only choose a retail bank once (or some other single digit number of times) in their life,

Age is a valid characteristic for retail banking, as people generally only choose a retail bank once (or some other single digit number of times) in their life, and it is usually around the time they get their first job or first taste of financial independence - i.e., late teens. And if they're going to change, they'll be more likely to change if they're young and not so deeply attached to a bank through having a home loan, a retirement/investment fund, credit cards, personal loans etc. Here's an interview with the co-founder/CEO explaining exactly why their strategy is to target under-35s, and how most of their new customers are aged 16-24: https://www.youtube.com/watch?v=C64e_9kgb-s&t=2389 https://www.youtube.com/watch?v=C64e_9kgb-s&t=2389