CSI Study: Key to Building Business with Millennials Is Continual Access
PADUCAH, Ky., Sept. 18, 2017 - As Millennials, those consumers between the ages of 22 and 40, reach their peak earning years, financial institutions are seeking to understand how changes in the mobile and digital economy affect this generation’s banking habits. In an effort to identify the generational expectations around such topics as money movement, communication and security, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions, has released a national study with The Center for Generational Kinetics that examines the banking preferences of the largest generation in the workforce today.
The report, “Banking Trends through a Millennial Lens,” analyzes the responses of more than 1,000 American adults. Among the key findings is that, more than any other generation, Millennials demand constant access to banking services. Vital to satisfying this need for “continual access” is providing comprehensive online and mobile tools that enable 24/7 banking. The study found, for example, that nearly one-third (31%) of Millennials check their balance daily, with 51% preferring to do this via a mobile app.
“Millennials operate in an economy of instant gratification, and financial matters are no exception to that expectation,” said Jason Dorsey, president and co-founder of The Center for Generational Kinetics. “However, they will rely on their primary financial institution if it can provide access to robust mobile and digital banking tools that deliver a meaningful experience.”
The study also found that 91% of Millennials would absolutely transfer money through a bank’s online website and 82% would absolutely transfer money through a bank’s mobile app if those tools were available. Along the same lines, Millennials continue to prefer digital channels for communication with their bank. Nearly a quarter (23%) preferred customer support via email, while 17% expressed a preference for online chat.
Additionally, the study shatters the myth that Millennials do not trust financial institutions, with 45%–more than any other generation–reporting that they trust their bank’s online financial tools for advice. This covers everything from investing calculators to information on retirement savings and mortgages.
“Today’s highly mobile society has dramatically changed the way financial institutions and consumers interact,” said Steve Powless, CSI’s CEO and board chairman. “Fortunately, banks of all sizes now have access to innovative mobile and digital banking tools that create a modern-day customer experience. By partnering with service providers like CSI, financial institutions can deploy technology solutions for banking Millennials more successfully, allowing them to remain competitive for decades to come.”
To read the full report, including additional insight into security concerns and the impact of loyalty programs, download “Banking Trends through a Millennial Lens.”
CSI and The Center for Generational Kinetics jointly led the research study. The survey was administered to 1,008 U.S. adults ages 21-65. Millennials are defined as those born between 1977 and 1995, Gen X is defined as those born between 1965 and 1976, and baby boomers are defined as those born between 1946 and 1964. The sample was weighted to the current census data for age, gender and region. The survey was conducted online from May 10, 2017, to May 17, 2017, and has a margin of error of +/-3.1 percentage points.
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.
The Center for Generational KineticsThe Center for Generational Kinetics is the leading research, speaking, and solutions firm focused on Millennials, Generation Z, and solving generational challenges. The Center’s team of PhD researchers, strategists, and keynote speakers help leaders around the world solve tough generational challenges in areas ranging from employing multiple generations to selling and marketing to Millennials and across generations. Each year, The Center works with over 150 clients around the world, from car manufacturers and global hoteliers to insurance companies, hospital chains, and international software firms. The Center’s team is frequently quoted in the media about the effect of generational differences on everything from shopping and parenting to work style and social media. Learn more about The Center at GenHQ.com.