How are Millennials different than other demographic segments? These young financial shoppers don’t consider branches as important as their older counterparts. They prefer low-fee checking products and are more easily influenced by an institution’s reputation and promotions.
by: Rob Rubin
FindABetterBank is like Match.com for banking consumers, and around 40% of its users are under 30 years old. After shoppers on FindABetterBank select a checking account as their top choice, they’re asked why they’ve selected that particular checking product and institution. Overtime, we have observed that the population of consumers shopping online for checking accounts is very broad. For example, 20% of shoppers on FindABetterBank indicate they’re 50 or older and about 40% are under 30. These groups’ rationales for choosing particular checking products are different in some significant ways.continue reading »