Millennials & Banking

As the largest generation in history, millennials will surpass Baby Boomers in 2019.

November 5, 2018
Insights

Born between 1980 and 2000, during the expansion of Internet, millennials are not only tech-savvy but also the fastest growing customer base and are radically altering the way in which shall banks function and offer their services. As the largest generation in history, millennials will surpass Baby Boomers in 2019.

With Uber, Amazon, Instagram and Netflix being just a swipe away, millennials are attached to their smartphones and demand a first-rate digital experience. According to Viacom, 73% would be more enthusiastic about the launch of a new financial service from Google, Amazon, or PayPal than from their traditional bank.

Surprisingly or not, all of the 4 leading banks are in the list of the least-loved brands by millennials, with 71% of them preferring to visit the dentist than listening to their banks. 

According to the American Bankers Association, banks that offer digital products like mobile payments, mobile banking and budgeting tools are more favorable to millennial customers. 

  • 67% of millennials (compared to 50% of other customers) want digital tools from their bank
  • They are 3 times more likely to open a new bank account online through their phone than visiting a branch
  • 61% state that mobile has made tracking and spending their money better

Millennials are looking for innovative solutions that will help them manage their money and reach their financial goals. They are active on social media, look online for recommendations and prefer chatbots when it comes to technical support rather than calling a call center. 

According to another study, 61% would not mind sharing their personal information with companies, if, in return, they are provided with a more personalized experience and security is guaranteed.

In the era of increasing competition among existing and new players, and the proliferation of technology, it has never been more substantial for banks to invest in data analytics, in order to find what really matters to their target groups and deliver it in the most engaging way.

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