Millennials want better mobile platforms

Millennials still profess a desire for access to branches, but credit unions must focus attention and resources on developing an intuitive, high-functioning mobile channel to earn young adults’ business and remain viable.

That advice comes from presenters at the Money 20/20 Conference.

“I’m sure people say branches remain a key component of business strategy, but branch visits aren’t part of my lifestyle or that of people I know,” Matt Boush of Discover Financial Services said at the conference.

Millennials, young adults born between 1980 and 2000, are the first digital native generation and soon will displace baby boomers as the largest demographic in the labor force.

Among that group, 71% say it’s very important to have a banking app and 91% use one or more devices to access their accounts, according to Business Insider Intelligence research.

“The smartphone is going to be the foundational banking channel because it’s becoming my generation’s primary computing device,” said Josh Heggestuen, senior research analyst for BI Intelligence.

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