Why most millennials don’t go a week without Venmo

Two years ago, I refused to use Venmo.

Today, I don’t go a week without it. Most weeks actually involve five to six Venmo transactions.

My personal change in thinking reflects what many credit union and bank marketers will find when marketing to millennials and their tech-native successors, Generation Z: convenience is everything.

A recent FIS study found that 72 percent of all banking interactions today are digital, with millennials carrying the majority of that lead. Global Web Index says 68 percent of millennials prefer their mobile phone as their most important piece of technology, with nearly all online millennials owning a smartphone. Millennials want constant on-the-go access.

I’ll be the first to admit I don’t fit most millennial stereotypes. I still keep my budget on an Excel spreadsheet and would prefer a personal life without social media. So, when Venmo came on the scene a few years ago, I didn’t want anything to do with it.

 

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