With the onset of mobile banking and alternative digital payment options, Millennials are banking differently than all other preceding generations. Reaching this generation differs from previous generations, reflecting growing digital and “e-preferences”.
Outnumbering Baby Boomers, Millennials represent a segment that’s growing in economic strength, social influence and banking potential. Already, Millennials are inclined to conduct routine banking activities through digital channels. While these banking services may still be relatively new, it has enormous growth potential, especially as Millennials enter their prime and push these services to the forefront of banking.
Here are 8 surprising facts that bankers should know about Millennials’ banking habits:
- 52% of Millennials Prefer Non-Traditional Payments
- Mobile Wallet Use By Millennials Is About To Skyrocket
- Millennials Are 10X More Likely To Use P2P Lenders
- Majority Of Millennials Still Use Traditional Banks… For Now
- 46% Of Households Receive Irrelevant Offers
- 43% Of Millennials Don’t Receive Communication Via Their Preferred Channel
- 80% Of Millennials Conduct Basic Banking Digitally
- Millennials Prefer Mobile Websites Vs. Mobile Apps, 2:1
As the most ethnically and culturally diverse generation in US history, Millennials require varying financial needs. At their current average age, they are experiencing a multitude of life changes as they move from education, to employment, to starting families. Each of these life events provide opportunities for banks and credit unions to develop and partner with non-traditional organizations to create products, services and applications that will meet these changing demands of the Millennial generation.
To read the full article, please visit www.thefinancialbrand.com.