Millennials love digital. So you might think millennials would love digital-only banking. If you did, you’d be wrong.
Millennials do use mobile banking. Yet half of millennials said in a new study that they would not switch to a digital-only bank (Marqeta, 2019).
“What’s striking about these figures is that, while lots of millennials use digital banking in various forms, nearly half wouldn’t even consider switching to a digital-only bank,” said eMarketer principal analyst Mark Dolliver. It seems millennials want to still have the option of going to a branch when needed.
In other research reported by eMarketer, millennials also will abandon a bank or credit union because the app was too complicated or clunky. If they found one superior, they would switch right away.
A lot is assumed about millennials, but as millennials age, their needs change or mature. Opening a checking account is easy online; applying for a mortgage may require hands-on experience that a friendly banker can provide.