Thursday 25th of May 2017

Millennials Embrace Banking Innovation PDF Print E-mail

As they overtake Baby Boomers as America's largest generation, Millennials may not automatically equal mobile tech--but in the banking world, it's getting pretty close.

Banking Strategies

November 4, 2016

By Robert Stowe England

Mobile banking adoption rates among Millennials are sky high: two in three banking consumers 18 to 29 did some type of mobile banking in the prior year, according to the Federal Reserve’s most recent annual survey of mobile use in financial services.

Banks have of course responded by launching mobile platforms and apps that can deposit checks in seconds and move money between accounts with a few finger swipes. Yet Millennials are often a picky lot, demanding bank services that work with all the fluidity of hunting down a Starbucks via Siri.

“Millennials are looking for a frictionless, easy to use platform,” says Isio Nelson, senior vice president of emerging and differentiated services at Equifax Inc. of Atlanta, Ga. “They are not brand loyal. They will change providers very quickly if they find anything that’s difficult for them to use.”

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