15429 2-millennial banking-infographic
-
Upload
publicishawkeye -
Category
Marketing
-
view
1.162 -
download
1
Transcript of 15429 2-millennial banking-infographic
Millennial BankingRetail Online Mobile Third-Party Apps
Reasons for preferring paperless:
Of the 7% who prefer paper, the top reasons are:
1.Check electronic mail more often than paper mail
2. It’s a hassle sorting through paper mail
3.Environment
1.Like receiving mail to keep for records
2. It’s difficult to keep up with so many electronic alerts/bills
3.Think paper mail is more secure than electronic
prefer electronic
63%
consider the location of a bank branch to be very important in their financial management.
visit a retail bank once a month or more.
Nearly
50%
30%
Personal research, family and friends
are the most important sources of advice when selecting a bank.
The primary reason for visiting a bank branch is to deposit or withdraw cash or to deposit checks.
Why?
Retail branches are important
Efficient online banking is key
consider an efficient online banking website to be very important to their financial management.
Keywords used when describing the importance of online banking:
84% 80%use their bank’s website daily or weekly to:
Almost
simple, accessible
CheckBalances
PayBills
CheckRecentTransactions
CheckRecurringPayments
Mobile apps are utilized
use their bank’s mobile app daily or weekly to:
Check balances and recent transactions
Make transfers to self or others
62%
50%consider a mobile banking app very important in their
financial management.
Nearly
Keywords used when describing
the importance of mobile banking:
convenient, simple,
accessibleThe actual mobile
experience is better than the ideal as
expressed by survey participants.
Third-party apps are popular
3 quarters of participants use/have used a third-party platform or app to make or receive
transfers and to manage personal finances.
Venmo MintPayPal PayPalSquare
CashGoogleWallet
Top3moneytransferapps Top3financialplatforms
45% 43% 6% 6%43%45%
Overall ResultsBanking and financial management preferences continue to
shift to electronic and mobile channels, especially among millennials, while bank branches continue to be important.
Participants
285survey
particpants
63Banks and credit unions represented
29% American Express
17% Chase
17% Other
11% Wells Fargo
6% American Express
5% Capital One
5% Citi
4% PNC
3% TD
2% BB&T
45:55male : female
ratio
36U.S. states
represented
4U.S. regions represented
48%ages 22-25
28%ages 18-21
24%ages 26-29
Rate your previous experiences with the following types of banking:
Retail 3.9/5.0
Online 4.1/5.0
Mobile 4.0/5.0
When opening an account with a new bank, how important would you consider
the opinions and experiences of the following sources to be?
Personal research
Very Important Somewhat Important
25% 50% 75% 100%
Parents
Friends
Other family
Coworkers
Bank employees
Online survey of 285 participants, ages 18-29. January 2015.©2015 Publicis Hawkeye, all rights reserved.