The millennial generation accounts for 43 percent of all mobile banking and finance usage, and millennials are significantly more likely to log into their accounts on mobile devices than other generations, a sign that they have high expectations of technology and expect banks and financial institutions to deliver on that.
That's one of the findings of a report released today by Corporate Insight, a provider of competitive intelligence to the financial services industry. The report, "The Millennial Shift: Financial Services and the Digital Generation," looks at the attitudes and behaviors of millennial consumers.
The report is based on interviews with dozens of subject matter experts and executives in the financial services, marketing and technology fields with specific knowledge of millennials, as well as consumer surveys, research of publicly available data, and a review of public and private websites and mobile platforms offered by major financial institutions and startups.
Some other key findings:
- Millennials face many financial challenges due to low economic growth and high personal debt, particularly from student loans.
- Millennials generally do not trust financial services firms, particularly big banks and "Wall Street." This is primarily due to the financial crisis.
- The generation is risk averse. Millennials know they need help with financial education but are skeptical of the costs of an adviser.
- The report recommends that financial institutions looking to help millennials adjust their marketing to change people's perceptions of the industry, and offer education and planning to build long-term relationships with millennial clients. And be transparent about fees, or you'll lose the trust of younger customers.