How Millennials Bank... Nine Statistics
How Millennials Bank: Nine Stats
Millennials 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.
Here are nine stats worth paying attention to if you're interested in knowing how millennials bank.
1. Millennials are far more likely than any other demographic to leave their primary bank if that bank doesn’t meet their needs.
2. 58% of millennials are interested in their bank proactively recommending products or services.
3. Millennials are more likely to use mobile banking than older demographics. In addition, they’re less likely to use online banking.
4. 67% of millennials are interested in financial management tools from their bank or credit union.
5. 74% of millennials say that mobile banking is very important to them. That’s 76% greater than the baby boomer response.
6. 68% of millennials say that their primary bank is a national bank.
7. 85% of millennials say they wish they could do banking and shopping on their smartphones.
8. On average, millennials spend 35 hours a week with digital channels. That’s 50% more than the average of the other combined demographics.
9. 52% of millennials have used mobile payments.
It’s clear that the trend here is toward digital—specifically, mobile. Millennials are mobile natives. They expect to be able to do business where they want, when they want. This is likely the main reason they've chosen to bank with national institutions... These institutions generally pay more attention to mobile development.
Take note of the nine stats. The health of your institution is dependent on attracting and retaining this demographic. Let us show you how to grab it!