A new study conducted by PYMNTS has found that millennials are more likely to use digital banking services than other age groups. The study sheds light on how much millennials are embracing digital banking services and the potential implications for the banking industry. It analyzed banking habits among different age groups and found that millennials are more likely to use mobile banking apps, online banking, and other digital services. This includes 20% of people 18-24 years old and 30% of people at the age of 25-34.
This trend is not surprising. Millennials are known for being digital natives who are comfortable using technology in their daily lives. Digital banking gives them flexibility with an ability to manage their finances on the go.
One of the most significant findings of the study is that over 70% of millennials use mobile banking apps, compared to just 33% of baby boomers. This suggests that mobile banking apps are becoming an increasingly important tool for banks to reach younger consumers and provide them with the convenience and flexibility they desire.
In addition to mobile banking apps, the study found that millennials are also more likely to use online banking and other digital services. This includes features like remote deposit, online bill pay, and person-to-person payments.
As a result, millennials are less likely to use traditional banking services, such as visiting a physical branch or speaking with a banker in person. This trend is likely to continue as more banks invest in digital banking services and younger consumers become even more comfortable using technology to manage their finances.