Millennials, mobile channels & the future of financial marketing

by The Financial Brand

An international study of Millennial attitudes towards banking and online banking services points towards the important changes banks and credit unions must make when targeting this critical consumer segment.

Saying that Millennials love their tablets and smartphones should hardly come as a surprise. But the extent to which they will transform the marketing landscape in the banking industry should not be underestimated.

Research conducted by Gemalto, an international provider of mobile banking solutions, found that only 3% of Millennial consumers had neither a smartphone or tablet device; 92% own smartphones, 43% own a tablet — 38% own both. 70% of Millennials spend two hours or more every day on their mobile device, with over a third (37.7%) spending more than five hours.

In a report titled “Generation mBanking” that summarizes Gemalto’s research findings, over a quarter (27%) of young people say they have never visited their branch and only 14% say they prefer doing their banking in person. This is in stark contrast to 82% of those ages 18-60 in the US who say they’ve spoken to a teller or a bank employee at a bank branch in the past 12 months.

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