Millennials Have Embraced Digital Banking, These Are The Services They're Using
An overwhelming 88% of U.S. millennials (18-34) use digital banking, including banking on PCs and mobile devices, according to a survey from TD Bank. Here are their top digital banking activities, compiled in a BI Intelligence chart below:
- 84% say they use digital banking for checking balances and account activity.
- Nearly 60% say they use digital banking to pay bills.
- 56% say that they use digital banking for transferring money.
The survey data reinforces a point BI Intelligence often makes: that the retail banking relationship is changing drastically. People are moving away from bricks-and-mortar banking, and transitioning their banking activities online.
But there's also an opportunity for retail banks to do more than simply allow the same types of services digitally that were once only available in-person. Banks could actually expand what banking means to consumers by offering online services that go beyond their legacy business model.
