What do millennials expect from their banks? More than older people do, it turns out
18 this year, you are younger than Amazon and Google. You turned three with Facebook’s arrival, four with YouTube, five with Spotify, six with the iPhone and eight with WhatsApp. If you are at the upper end of the 18-30 age range considered in this special report, you will remember a time before mobile internet, but not a time before mobile phones.
You use mobile phones to manage your money, too. Research last year by Raddon, a consultancy, found that 85% of American millennials used mobile banking, and predicted that the share would be higher still for Gen. The main reason people choose a bank is convenience, the consultancy says. For older people that means a nearby branch; for younger ones it means an excellent app.You have cooled on cash.
You are a demanding customer, with expectations of speedy, convenient service that have been set by Uber and Amazon Prime. You are generally willing to grant companies access to your data, but want something in return. You let Google Maps track your location to help you get where you are going; you like Netflix using your viewing habits for recommendations.
In many developed countries, tuition fees mean you have much more debt than previous generations did. Soaring property prices have made it harder for you to become a homeowner. Growing up in the aftermath of the financial crisis has left you cautious about loans. According to bankrate.com, a comparison service, just one in three American millennials has a credit or debit card, a much lower share than for previous generations at the same age.
You also demand more from financial institutions than older people do, and care more about values-based investing and corporate social responsibility. The young expect an answer to the question: “Why are you in banking?”, says Rick Spitler of Novantas, a financial consultancy. “They think bankers should care about helping people to become wealthier, not just about their own bottom line.
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