The Future of Personal Banking (Hint: It's Not in Person)
by Kathleen Reynolds on Jul 15, 2014 | Views: 76 | Score: 0
| % of Millennials | |
|---|---|
| Online Banking | 88 |
| ATMs | 72 |
| In Branch Banking (not ATM) | 53 |
| Mobile Banking | 47 |
| Telephone Banking | 17 |
Sources:
brookings.edu
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The future is not bright for the traditional “physical” banking system. A resounding 88% of Millennials do their banking online, while only 53% of Millennials use non-ATM In Branch Banking. ATM Banking is used by 72% of Millennials. As Millennials’ presence grows in the economy, it is becoming evident that banking convenience and not brand name reigns supreme.