The Millennial Migration

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e. Mobile-First experience for the "Always-On" generation Globally, 68% of Millennials chose Mobile or Desktop as their most frequent channel of interaction with their banks. In the U.S. alone, 75% of Millennials are cited to be at least somewhat reliant on mobile banking to manage their accounts, and more than one quarter completely rely on it. 3 More than 68% of all Millennials say Desktop or Mobile is their most frequent channel of interaction with their Banks Corresponding with Millennials’ high dependence on mobile are their equally high expectations for their digital experiences. There is a general sentiment that banking applications can be improved, a finding supported by SNL Financial who also found that that 53% of Millennials see their mobile banking applications lacking, with 54% of that group saying they would switch providers if the alternative offered better applications. 4 Desktop 38% Age 18 - 21 38% Age 22 - 25 41% Age 26 - 30 47% Age 31 - 45 With most of their interactions going digital, the future of digital banking belongs to banks who develop banking applications with a Mobile-First mindset. Mobile 29% Age 18 - 21 30% Age 22 - 25 28% Age 26 - 30 24% Age 31 - 45 Younger Millennials are more likely to use mobile devices when interacting with their banks Millennials expect a better ability to multitask, to save time and money. They want mobile products and experiences that enable them to do things in two to four clicks. Other Channels of Interaction with Banks (by age groups) 16% 19% 18% 17% 6% 5% 4% 3% AMIT GOEL Branch Mail Banks need to stop treating mobile banking as a dumbed-down version of Internet banking. It should be the centre of all customer touch points. 6% 7% 6% 5% 4% 4% 5% 4% Phone Retail Store DAVID M. BREAR Qn: Rank how often you interact with your bank through the following channels. 8 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System
4. The Millennial Migration to Non-Bank Transaction Modes – Measuring the Shift Migration Maturity Index - Low - Moderate - High Only 10% have used Mobile Wallet which is less than half of the global average of 23%. 50% selected Alternative Payment Providers (like Paypal) as one of their Top 3 preferred transaction modes. Out of the 9 markets, Germany has the highest ratio of Millennials (69%) who have used Alternative Payment Providers (like Paypal) in the past 6 months. When asked about their Top 3 preferred transaction modes, 23% selected Mobile Money (double the global average of 11%) and 31% selected Mobile Wallet (compared to the global average of 19%) 15% selected Mobile Wallet as one of their Top 3 preferred transaction modes, less than the global average of 19%. 52% say Alternative Payment Providers (like Paypal) is one of their Top 3 preferred transaction modes, compared to the global average of 40%. Of the 9 markets, they have the highest ratio of those aged 18 – 21 (64%) who selected this. Only 8% selected Mobile Wallet as one of their Top 3 preferred transaction modes, compared to the global average of 19%. Highest ratio of cheque users (60%) amongst all 9 markets. 24% and 38% have used Mobile Money and Mobile Wallet respectively in the past 6 months. Out of the 9 markets, China has the highest ratio of Millennials who have used Mobile Money (46%) and Mobile Wallet (60%) in the past 6 months. 43% of all Young Millennials prefer Alternative Payment Providers and 6% of them prefer Peer-to-Peer Payment Platforms, more than any other age group. 22% of all Mature Millennials prefer Mobile Wallet and 14% of them prefer Mobile Money, more than any other age group. 9 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System
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Page 21: About Oracle Oracle offers a compre

The Millennial Migration

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