DECEMBER - 202019CXO INSIGHTSMillennials, the so-called digital native group who've never known a world without the internet, mobile phones and social media are said to lead all the relevant trends and drive innovation at companies who must change how they do business to reach them. But do they really lead digital banking?Why all the buzz about millennials? Simply put they've become the largest living generation in the United States. They're predicted to exceed 80 million people and make up half of the US workforce by 2022. Many companies have developed strategies to reach this consumer group as well as given them a seat at the table as it relates to corporate decision making. How do customers want to interact with their banks?According to a 2017 FIS study, over 70 percent of all banking interactions, regardless of age group are digital. Mobile and Online Banking are the top channels of choice for Millennials, Gen Xer's and Baby Boomers alike while Branch, ATM and Telephone are the least preferred channels. For most banks, over half their customers are active Mobile users. According to Malauzai Software, 54 percent of all banking customers have conducted a transaction through Mobile in the last 30 days.By Chris Barlow, VP, Mobile Banking, Webster BankMYTH OR FACT ­ DO MILLENNIALS "REALLY" LEAD DIGITAL BANKING?
< Page 9 | Page 11 >