Gen Y consumers are quick adopters of new technologies, so it came as no surprise that Intuit Financial Services’ Fourth Annual Financial Management Survey found nearly half (48 percent) of Gen Y consumers currently use their mobile device to conduct banking activities, compared to only 15 percent of Gen X, Baby Boomers and Seniors.
While disparate in actual usage, all consumers share the same viewpoint toward the main barrier to adoption – 41 percent do not own a Smartphone. The survey also found:
- Nearly one-third (30 percent) of Gen Y would switch financial institutions if theirs stopped offering mobile banking. Only 15 percent of Gen X, Baby Boomers and Seniors would switch.
- Gen Y uses mobile banking the same way they use online banking – viewing account balances and transferring funds is ranked as most important (70 percent utilization), followed by bill pay.
- Gen Y is three times as likely to use remote deposit capture for checks compared to Gen X, Baby Boomers and Seniors (12 percent versus 4 percent )They are also three times as likely to use a tablet to access and conduct banking (18 percent versus 6 percent).
Furthermore, Gen Y is more likely to voice their opinion and dissatisfaction with their financial institution – in fact, 42 percent have already or plan to switch where they bank due to increased fees. As referenced in our recent post, How to Attract Gen Y Customers and Members, it is now more important than ever for financial institutions to provide solutions to satisfy all demographics.
How is your FI adopting to the ever changing needs of Gen Y? Do you have specific marketing campaigns targeting the Gen Y audience? Let us know by tweeting @Bankingdotcom or leaving a comment in the section below.