With over 86 million people in the generation known as Millennials (born early 1980’s to early 2000’s), the banking industry is noticing a major shift in how people want to interact with their financial institutions. We (yes, us Millennials) are shaping the way financial institutions operate.
Most of us don’t think about banking on a daily basis, but we do demand certain services and products that will change the way credit unions and banks operate. Check out these 5 ways we are changing the financial industry.
1. 88% of us bank online and 50% of us bank with our smartphones.
That’s a big change from having to drive to the branch for service. Now we can do more transactions from home or on-the-go. This gives us more freedom to do our banking how we like, at our convenience.
2. 68% of us believe that in 5 years, the way that we access our money will be different.
To withdraw money now, we either visit the financial institution and make a withdrawal, or head to an ATM. In the future, these steps may become obsolete, and the process completely different.
3. 70% of us believe that in 5 years, the way we pay for things will be different.
The iPhone 6 is one example of a new, up and coming payment method. Apple Pay allows you to easily and securely make payments in some stores and within apps. Instead of carrying around and wasting time searching for your cards, everything is stored within your phone, making the payment process easier.
4. 55% of us want help buying a car, and 57% of us want help buying a home from our FI.
Purchasing your first car or home is one of the biggest and most expensive decisions you will make in your life. And that’s where your financial institution can help! Many FI’s now provide online tools when it comes to researching your first car or home. They will help you figure out what you can actually afford. So instead of heading to the car dealership to be persuaded by a pushy salesman, contact your FI! It’s important to look at your finances and your budget before you start your research!
5. 74% of us want financial tools to make life easier!
From budgeting tools to bill pay, there are apps and online resources that help simplify the way we bank! Forget the pen and paper and take advantage of these apps! They are extremely helpful and in most cases, free!
Basically, we as Millennials are demanding services from financial institutions that have never been seen in the banking industry. We are introducing new ways of doing things, that make life easier and more convenient!
Until Next Time,