Millennials (18-34) are embracing online and mobile banking solutions with a staggering 88% using online banking to pay monthly bills, make deposits and withdraw money.
A study conducted by TD Bank in front of over 2,000 participants shows not only a spike in online banking and financial services, but shows an increase in mobile usage with 57% stating they use mobile banking applications more than in 2013. 50% stated they use online banking more altogether.
When the Generation Yers were asked why they decided to amp the usage of online and mobile banking, 76% of them stated convenience and ease of use. The primary aspects of convenience are time saving and accessibility.
When looking closer at what banking activities Millennials do, the research showed 84% use it to check their balance, 57% pay their bills, and 56% use it transfer funds. These activities are considered the most basic banking activities, and being able to them at any time or place adds substantially to the convenience factor.
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TD’s research is not the only study done that shows Millennials fondness of internet banking. A study by Celent done in September 2013 shows 48% of 18-29 year olds were more likely to utilize their bank’s online offerings. The report showed usage decreased with every age group.
A research study done by AlixPartners shows the older half of the millennial age group, 26-34 use mobile banking options the most. 37% use mobile banking solutions routinely while an additional 32% use it on occasion. The 18-25 age group came in second with 45% using mobile banking solutions at least on occasion.
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