Millennials drive US mobile banking

“Among millennials, however, mobile leads in frequency by a significant margin: over a 30-day period, millennials accessed their financial organization via mobile app or browser 8.5 times on average versus 3.1 times for non-millennials.”

Source: www.finextra.com

The survey confirms that consumers use a blend of digital and traditional channels to manage their finances and make payments, with millennials accessing mobile banking nearly three times more than other generations. While consumer satisfaction remains high when it comes to primary financial organizations, with 76 percent rating them an eight or higher on a scale of zero to 10, many consumers express less satisfaction with their financial health compared to other areas of life.

The survey of more than 3,000 U.S. banking consumers was conducted online by Harris Poll on behalf of Fiserv in August 2016.

“The latest Expectations & Experiences survey underscores the day-to-day concerns about money that still loom large for consumers, even as there are more options available than ever before in how they can manage their finances,” said Mark Ernst, chief operating officer, Fiserv. “For banks, credits unions and billers, this is an opportunity to go beyond offering products to creating experiences that are essential to people’s lives, anticipating their needs and giving customers control and confidence in their financial futures.”

Digital Engagement

When it comes to how consumers access financial services, the shift towards self-service in online and mobile channels continues to mature. Online banking websites accessed via a computer remain the most frequent way consumers access their primary financial organization, six times on average in the past month. Among millennials, however, mobile leads in frequency by a significant margin: over a 30-day period, millennials accessed their financial organization via mobile app or browser 8.5 times on average versus 3.1 times for non-millennials.

Overall, while millennials reported lower satisfaction than older counterparts both…[read the full article at www.finextra.com]