PADUCAH, Ky., July 27, 2016 — While older generations expect their financial institution to understand their banking needs, Millennials—or individuals between the ages of 18 and 34—are less demanding that their financial needs be understood, according to a recent consumer survey by Computer Services, Inc. (CSI) (OTCQX: CSVI).
Conducted by Harris Poll on behalf of CSI, a provider of financial technology solutions, the survey ran online May 9-11, 2016, and represents feedback from nearly 2,100 adults ages 18 and older about their banking wants and needs. According to the results, while older generations expressed that it’s important that their financial institution understands their financial needs and provides products and services to help them meet their financial objectives, Millennials were the least likely to find this aspect of the banking relationship important, with 84% of them indicating so compared to 88% of Gen Xers (ages 35-54) and 91% of Baby Boomers (ages 55 and older).
Interestingly, Millennials also stand out as being slightly less satisfied with their financial institution’s digital banking offerings (82% of Millennials compared to 91% of those aged 65+). Because of this, they have often turned their attention to non-bank financial technology companies.
“One reason for these non-bank companies’ success is that they’ve been able to deliver the digital experiences that Millennials expect, which supplants their desire for a more ‘traditional’ bank relationship,” said Steve Powless, CSI’s chief executive officer. “Yet banks are still able to provide the digital banking solutions these younger consumers demand. The challenge is proving to those consumers in their 20s and early 30s that banks can offer seamless, relevant online and mobile banking solutions.”
Unsurprisingly, Millennials indicated they are one of the generations most likely to use cutting-edge financial technology options. Over two in five (43%) consumers age 18-34 plan to use a mobile wallet application within the next six months. This is significantly higher than consumers in the 45-54 (27%), 55-64 (22%) and 65+ (13%) age ranges. What’s more, Millennials seem to be one of the most receptive generations when it comes to banking with an online-only institution, with 26% strongly agreeing that it’s an option they would consider if they offered products and services that met their needs.
“Ultimately, the key to growing business among Millennials is the same as with any generation: offer services that provide the tools they need to manage their finances in ways that meet the demands of their lifestyle,” Powless said. “For Millennials, this means focusing more closely on mobile banking platforms that deliver integrated experiences across platforms while offering the latest digital payments options like mobile wallet participation.”
The survey offered additional insight shared by U.S. adults related to their banking preferences. A detailed report of the survey findings will be available mid-August via www.csiweb.com.
This survey was conducted online within the United States by Harris Poll on behalf of CSI from May 9-11, 2016, among 2,095 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Brandon Dyce, CSI communications director at firstname.lastname@example.org.
About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy and telecommunications.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.