The Changing Face of Banking
An article review.
Millennial’s Habits are Steering the Future of Banking
While this isn’t a shock to any of us, banking as we know it is changing. It’s changing as technology changes. It’s changing as consumers change.
Millennials are defined as those who are born between 1980 and 1994. This group now outnumbers Baby Boomers. They also represent a growing socioeconomic force. So what’s so different about Millennials?
- Most Millennials already use or are open to using “non-traditional” payment methods.
- Their use of mobile-based point of sale solutions, like Apple Pay and Google Wallet, is expected to gain significant momentum in coming years.
- They are the most likely group to utilize peer-to-peer lending solutions.
- The vast majority of Millennials, as high as 80%, engage in some form of digital or online banking.
- Millennials still prefer bank websites over mobile banking applications.
Simply, if you want to have a better understanding of where the future is going, try to figure out the millennials!
The above is what we call an “Article Review.” It is part of our attempt to help our readers find excellent reading materials to back up important technology risk management concepts. We try not to include articles that are merely news or additional news about mainstream issues. Instead, we try to highlight articles that our “typical clients” should be sure to read, or that are about concepts “outside the mainstream media.” infotex does not intend to endorse views represented by the writers of the articles we review, nor do we try to keep our Clients aware of EVERYTHING. For example, if a particular story concept is being reported upon in many different media sources, infotex usually chooses to ignore the story concept altogether, unless we can find a “unique take” on the story concept.
Original article by Jim Marous of The Financial Brand.