Millennial BankingRetail Online Mobile Third-Party Apps

Reasons for preferring paperless:

Of the 7% who prefer paper, the top reasons are:

1.Check electronic mail more often than paper mail

2. It’s a hassle sorting through paper mail

3.Environment

1.Like receiving mail to keep for records

2. It’s difficult to keep up with so many electronic alerts/bills

3.Think paper mail is more secure than electronic

prefer electronic

63%

consider the location of a bank branch to be very important in their financial management.

visit a retail bank once a month or more.

Nearly

50%

30%

Personal research, family and friends

are the most important sources of advice when selecting a bank.

The primary reason for visiting a bank branch is to deposit or withdraw cash or to deposit checks.

Why?

Retail branches are important

Efficient online banking is key

consider an efficient online banking website to be very important to their financial management.

Keywords used when describing the importance of online banking:

84% 80%use their bank’s website daily or weekly to:

Almost

simple, accessible

CheckBalances

PayBills

CheckRecentTransactions

CheckRecurringPayments

Mobile apps are utilized

use their bank’s mobile app daily or weekly to:

Check balances and recent transactions

Make transfers to self or others

62%

50%consider a mobile banking app very important in their

financial management.

Nearly

Keywords used when describing

the importance of mobile banking:

convenient, simple,

accessibleThe actual mobile

experience is better than the ideal as

expressed by survey participants.

Third-party apps are popular

3 quarters of participants use/have used a third-party platform or app to make or receive

transfers and to manage personal finances.

Venmo MintPayPal PayPalSquare

CashGoogleWallet

Top3moneytransferapps Top3financialplatforms

45% 43% 6% 6%43%45%

Overall ResultsBanking and financial management preferences continue to

shift to electronic and mobile channels, especially among millennials, while bank branches continue to be important.

Participants

285survey

particpants

63Banks and credit unions represented

29% American Express

17% Chase

17% Other

11% Wells Fargo

6% American Express

5% Capital One

5% Citi

4% PNC

3% TD

2% BB&T

45:55male : female

ratio

36U.S. states

represented

4U.S. regions represented

48%ages 22-25

28%ages 18-21

24%ages 26-29

Rate your previous experiences with the following types of banking:

Retail 3.9/5.0

Online 4.1/5.0

Mobile 4.0/5.0

When opening an account with a new bank, how important would you consider

the opinions and experiences of the following sources to be?

Personal research

Very Important Somewhat Important

25% 50% 75% 100%

Parents

Friends

Other family

Coworkers

Bank employees

Online survey of 285 participants, ages 18-29. January 2015.©2015 Publicis Hawkeye, all rights reserved.