We’ve said it before and it bears repeating: Millennials like mobile banking. They’re comfortable with it, they like the convenience it provides, and they’re willing to switch banks to get the mobile experience they’re after.
You might say that millennials hate Wall Street.
By 2017 millennials will have more buying power than any other demographic in the United States. That means that banks and credit unions can’t risk ignoring this demographic.
Bank of America recently released a report titled “Year-End Millennial Snapshot” discussing the financial attitudes and preferences of Millennials. Results from the survey found that Millennial financial attitudes are still influenced by a negative perception of the economy established from the Great Recession and influence from our parents and their financial relationships.
In Part I of this post, I said that as Boomers get closer to retirement, Gen X & Gen Y (Millennials) are becoming the driving force behind the economy.
Unless you've been dormant for the last decade, it's pretty clear to all of us that there's a significant demographic shift occurring with consumers.
Millennials demand a better mobile experience than they're typically getting from their financial institution. If banks don't improve their mobile offerings, Millennials will look elsewhere. Here's what banks can do.
When most people are asked whether they think there will be more or fewer bank branches five years from now, the safe bet is on answering fewer. One interesting way to change the question is to first ask whether bank branches will be bigger or smaller in the future.
Recently, Fast Company published an article titled “Sorry Banks, Millennials Hate You.” The article highlights a three-year study from Scratch about disruptive and transformative industries, with a primary focus on the financial services industry. The subjects in the research were described as millennials, a term used to define those born between 1981 and 2000. What’s most interesting is the one word Fast Company used to sum up how millennials feel about banks — hate.