We, the Millennials (born early 1980s and early 2000s), are transforming the way financial institutions operate.
Most of us don't think about banking on a daily basis, but we do demand certain services and products that will change the way credit unions and banks operate. Here are five ways that we are changing the financial industry.
1. 88% of us bank online and 50% of us bank with our smartphones.
That's a big change from having to physically enter the branch for service. Now we can do more transactions from home or on-the-go. This gives us more freedom to do our banking how we like, at our convenience.
2. 68% of us believe that in 5 years, the way that we access our money will be different.
To withdraw money now, we either visit the financial institution and make a withdrawal, or head to an ATM. In the future, these steps may become obsolete, and the process completely different.
3. 70% of us believe that in 5 years, the way we pay for things will be different.
The new Apple iPhone 6 is one example of a new, up and coming payment method. Apple Pay allows you to easily and securely make payments in some stores and within apps. Instead of wasting time searching for your cards, everything is stored within your phone, simplifying the payment process.
4. 55% of us want help buying a car, and 57% of us want help buying a home.
When buying a car, most Millennials do their research online by reading reviews and doing research, not by being persuaded at the dealership. An analysis from Annalect, a business analytics firm, shows that Millennials will spend over 17.6 hours shopping online, including research, reading reviews, comparisons, and other online activities. We like to know what we want beforehand. So, necessary support from our financial institution supports us in purchasing the vehicle, or home, that we desire.
5. 74% of us want financial tools to make life easier!
rom budgeting to bill pay, there are apps and online tools that help simplify the way we bank! We are busy - our days are filled with work, work, and work, and maybe a few other things here and there.
The point is....we are demanding services from financial institutions that have never before been seen in the banking industry. We are introducing new ways of doing things, that make life easier and more convenient!