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.
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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