Millennials yearn for better mobile platforms

Optimized smartphone banking will displace traditional channels

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.

“The long trend points to eliminating physical locations—look at music stores and book stores,” he continued. “Regardless of the big networks that exist today, around the corner there’s a recognition that’s not necessary.”

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.

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