With Millennials and other tech-savvy consumers embracing all things digital, and most often through their smartphones, their usage is an important leading indicator of the ways customers prefer to bank. In many cases, banking customers are looking outside of the banking industry for examples of retailers with a strong digital presence.
This executive brief examines the various ways Millennial consumers wish to bank today. In addition to identifying the one banking feature they couldn’t live without, it unveils Millennials’ usage of various digital banking methods, interest in reconfigured and open-concept branches, and interest in expanded self-service options like kiosks and tablets in branches.
During April 2017, 2,662 retail banking consumers responded to an online survey composed of questions designed to identify factors that determined satisfaction with their banking experience, and to uncover impediments to producing such an experience. Through this evaluation, consumers provided information about their current branch and digital banking behaviors, the features and functionality they value or would like to see added, and an assessment of their current digital banking experience. The insights from these findings are chronicled in this year’s edition of The ath Power Ideal Banking Study™.