July 20, 2016
Though tech has been impacting a variety of industries, finance still seems to be lagging behind. After all, trends may dictate the ways that we conduct business in the digital age, but do the same rules apply for how we handle our finances?
According to Millennials, they do.
With their increased influence and presence in the workforce, Millennials have an incredible amount of say when it comes to establishing trends, even if they may be falling short of earning influence. But even so, Millennials are doing everything else digitally – why not change the way we conduct banking?
As discussed on Mashable, Millennials have specific trends that they follow on specific platforms. According to information conducted by 2016 FIS Consumer Banking PACE Index, Millennials are actually three times more likely to bank using their mobile devices than Baby Boomers. They were also found to be 30 percent less likely to physically visit a bank.
Whether it was through mobile or laptops, millennials were found to be more likely to utilize these digital devices, especially led by large financial decisions like buying a car or investing in their future. With such a large push towards digital banking. it’s vital that banks also follow through with these trends by investing in them. To capture and retain millennials’ business, banks and other financial-focused institutions should invest in strengthening their digital presence.
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