Millennials are now the largest age group in America, and the Millennial generation is changing the way banks connect with their customers. So what is it that Millennials are looking for when it comes to banking? Well for starters, they’re looking for digital solutions to help them manage and budget their money.
According to the American Bankers Association, 23% of Millennials say that lack of a mobile app would be a main barrier to them engaging with a bank. Given this, and the ABA’s findings that Millennials are three times more likely to open a bank account with their phone than in person, and that 67% of Millennials want digital budgeting tools from their bank, it’s clear that banks offering digital services are the best fit for Millennial customers.
Bank5 Connect aims to fulfill the needs of its Millennial customers by offering a smartphone app with secure remote deposit functionality, debit cards that are Apple Pay compatible, online bill pay options, eStatements, and an assortment of handy online tools to help reach personal budgeting, investing, and retirement planning goals.
With Millennials taking over the work force, building their finances, and gearing up for major life events like marriage, home buying, and having children, they are a valuable customer base transforming the way banks do business. And Bank5 Connect is happy to service them!
Learn more about the financial habits and preferences of Millennials by viewing the Millennials Banking Infographic from the American Bankers Association.