Millennials are in the driver’s seat of innovation.
If you’re in fintech, you’ve probably heard that statement more than once. But a new study from FIS, released this week, suggests that millennials are not as unique as many think — at least in terms of financial service preferences.
The study found that consumers across the three generations — millennials, Gen Xers, and Baby Boomers — have very similar preferences when it comes to banking, including banking through online and mobile channels. From the report:
Consumers across all generations want to better connect with their banks at their convenience, at any time and from anywhere. Financial institutions must attract the growing number of consumers who expect mobile access to their money. As payments shift from plastic and paper to mobile and cashless, banks must fight commoditization by establishing a stronger advisory and multiple service relationship that cannot be easily dislodged by competitors.
FIS conducted approximately 1,000 surveys, gathering approximately 8,000 responses. The full report is available here.