2017 PACE REPORT • U.S. BANKS TOP 3 AREAS OF OPPORTUNITY/media/FIS... · 2017 PACE REPORT •...
Transcript of 2017 PACE REPORT • U.S. BANKS TOP 3 AREAS OF OPPORTUNITY/media/FIS... · 2017 PACE REPORT •...
1 MILLENNIALS
Millennials outnumber baby boomers, and they’re gaining economic strength. The largest living generation represents the greatest opportunity—and challenge—for banks today.
Older millennials now make more than
baby boomers
of millennials will experiencea near-term life event
Tuition, wedding, home purchase, auto purchase, investments, retirement planning
of millennials have usedat least one alternativefinancial service in the
past month
US overallYoung millennialsSenior millennials
Baby boomersGeneration X
AVERAGE INCOME
66,000
54,700
69,800
61,800
74,200
2017 PACE REPORT • U.S. BANKS
TOP 3 AREAS OF OPPORTUNITY
Empoweringthe Financial World
Millennials Gen X Baby boomers
P2P PAYMENTS WITH BANK’S MOBILE APP
P2P PAYMENTS WITH ANOTHER MOBILE APP
1%
1%
22% 3%
24% 4%
19%
14%
13%
12%
13%
10%
10%
Person-to-Person PaymentUtility Bill PaymentPaying for Air/Bus/Train/TaxiPaying for Theatre/Concert Tickets
Paying at Retail/RestaurantShopping in Local Store
Online Shopping
Consumers are likely to use their bank’s app for mobile payments
Percentage of transactions
made via mobileby millennials
MillennialsGen XBaby boomers
PAID A BILL FROM BANK ACCOUNT
TRANSFERRED FUNDS BETWEEN BANK ACCOUNTS
REMOTE CHECK DEPOSIT USING MOBILE DEVICE
PERSON-TO-PERSON PAYMENT USING BANK'S MOBILE APP
49%
46% 22% 12%
34% 16% 8%
22% 3%1%
27% 20%
MillennialsGen XBaby boomers
72%74%72%
28%26%28%
Mobile and Online Banking*
Branch/ ATM/ Telephone*
Millennials engage in 2X more mobile transactions than Gen X or baby boomers
of consumer interactionswith their bank are digital
2 DIGITAL
3 PAYMENTS
Digital payment options have gained
importance year over yearacross all age groups
Increase
Source: The FIS Performance Against CustomerExpectations (PACE) Report, 2017Learn more at www.fisglobal.com/closethegaps.
* Transactionsmade in thelast 30 days