News

Study measures millennials' digital banking engagement

September 21, 2017

Computer Services Inc., a provider of financial technology solutions, has released a national study with the Center for Generational Kinetics that examines the banking preferences of millennials, the largest generation in the workforce today. 

The report, Banking Trends through a Millennial Lens, analyzes the responses of more than 1,000 American adults, a press release said.

Among the key findings: More than any other generation, millennials demand constant access to banking services, namely mobile and online channels.

For example, the study finds that nearly one-third (31 percent) of millennials check their balance daily, with 51 percent preferring to do this via a mobile app. 

The study also found that 91 percent of millennials absolutely would transfer money through a bank's online website, and 82 percent absolutely would transfer money through a bank's mobile app if these tools were available.

Along the same lines, millennials prefer digital channels for communication with their bank. Nearly one-quarter (23 percent) preferred customer support via email, while 17 percent expressed a preference for online chat, according to the study findings.

"Today's highly mobile society has dramatically changed the way financial institutions and consumers interact," CSI CEO and board chairman Steve Powless said in the release. "Fortunately, banks of all sizes now have access to innovative mobile and digital banking tools that create a modern-day customer experience ... [and] can deploy technology solutions for banking millennials more successfully, allowing them to remain competitive for decades to come."