Millennials are finally coming of age. They’re poised to become the largest generation in the U.S., and their current age range — between 18 to 34 — means they’re gaining significant power as consumers.
As Millennials enter the adult world, they take on new financial needs. And research shows that they’re aware of this shift. Sixty-four percent think it’s important to have a relationship with a financial institution, a recent study by the Independent Community Bankers of America found. And an Accenture study found — with some surprise — that Millennials are actually more interested than older generations in building and passing along wealth than previous generations. This interest represents a huge growth opportunity for banks.
The only problem — Millennials are less sure who they want to buy financial services from.
Again, recent research confirms this uncertainty. A particularly pointed example is a Viacom Media finding that 73% of millennials would rather handle financial services needs with Google, Amazon, Apple, PayPal, or Square than with their current bank.
This raises the question: what’s driving this uncertainty? Which specific needs and preferences impact how Millennials choose to use — or not use — various banking services and channels?
The Medallia Institute has just released research on this topic. They asked Millennials and Baby Boomers about their relationship with their bank — what qualities they value most, which banking channels they use, and how they’d react after good and bad experiences.
Check out the complete findings below: