Millennials are unattached to traditional banks, with only 17 percent of them expressing firm commitment to their current banking provider, according to new survey data from Marqeta.
In the research, Millennials (18-34 year olds) were 50 percent less likely than Baby Boomers (50-65 years old) to say that they couldn’t ever imagine wanting to change their banks.
According to Marqeta’s survey of more than 1,200 U.S. adults, a strong contrast in banking attitudes exists between Millennials and other generations, driven by faster adoption of new technology and digital payments methods among Millennials.
Marqeta’s research found:
• Only 1-in-6 Millennials said they couldn’t imagine ever wanting to change from their current bank.
• 58 percent of Millennials would consider banking with Amazon, Facebook or Google if these tech giants enter the banking space.
• 48 percent of Millennials said they’d consider moving to an independent digital-only bank.
More than half of Americans aged 18-34 (53 percent) have used mobile wallets to complete a purchase in-store or on their mobile phone.
That’s higher than Americans aged 35-50 (39 percent) and more than twice that of the Baby Boomer generation.
More than half of Millennials (52 percent) said they were comfortable using TouchID and FaceID to authorize mobile wallet payments — almost double the number of Baby Boomers (29 percent) who said the same.
More than twice as many Millennials (57 percent) than Baby Boomers (27 percent) said that they have used peer-to-peer banking apps like Square Cash or Venmo.
Millennials (49 percent) were twice as likely as Baby Boomers (20 percent) to pay someone back using a peer-to-peer banking app than a physical currency like cash or check.
When asked about what the most important service their bank provided was, Millennials reflected much different attitudes than older Americans: Millennials were twice as likely as Baby Boomers to list a mobile app as most important (27 percent v 14 perent), while Baby Boomers were twice as likely to list in person presence (20 versus 11 percent).
Millennials are also abandoning old-fashioned payment methods like checks en masse, with almost half (48 percent) saying that they couldn’t remember the last time they wrote a check for something other than utilities and rent.