Banking institutions are in a race to provide the newest online and mobile features to their users, as retail banking branches lose their relevance fast.
That’s because banks know that these services are how they will win over their next-generation of client. This is particularly important in the banking industry because bank customers tend to be extremely loyal. So, capturing the attention of younger adults — and, in particular, millennials — when they’re first choosing their bank can lead to a long-term market advantage.
- More adults — of all ages — prefer paying bills online over using any other channel for performing that activity, according to a survey from Nielsen
- And mobile is already the preferred channel for checking balances among those who are already mobile banking consumers.
- Among millennials, checking balances, paying bills, and transferring money, were the top digital banking activities, TD Bank finds.
- More than half of millennials are already transferring money via digital channels.