As the generation of Americans that have spent the majority of their lives with the internet at their fingertips and smartphones during their formative years enter the workforce, significant shifts in how the day-to-day business of living is conducted are underway. Chief among these is how Americans interact with financial institutions.
Maybe it shouldn’t be a surprise, particularly among the younger crowd. A study last year by the Federal Reserve reported that 67% of Millennials now use mobile banking, compared to 18% of consumers age 60 or over. This usage gap is projected to widen further as the youngest of the 85 million-strong Millennial generation enters the workforce.
Mercator Advisory Group recognizes the changes in how people engage with financial institutions will be more pronounced with younger generations, in part because of the familiarity with smartphones, but also because of the lack of prior behavior patterns having been set. However, the increasing preponderance of digital natives (those individuals attuned to leveraging technology, regardless of age) will serve to promote widespread adoption of mobile banking across generational divisions.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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