Will Millennials Change Banking Forever?
A generation of nearly 80 million strong, Millennials are changing the face of banking as we know it. Millennials are hungry for financial knowledge across the board, and filling this need should be a key component of any financial institution eager to engage with this rising population of self-styled entrepreneurs.
Millennials are destined to become a key battleground for banks of all sizes – getting ahead, and staying ahead of this important shift in the economy is going to be crucial for any bank.
ICBA undertook American Millennials and Banking - A Cross-Generational Study to better understand the perception Millennials, Gen X and baby boomers have of independent community banks. The study revealed the change in demands on financial services in America.
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The study focused on American Millennials (age 19-37), but also included sub-samples of Gen Xers (aged 38-49) and Baby Boomers (aged 50-68). A short 10-minute survey was developed by research partners Conversion and The Center for Generational Kinetics. The survey was deployed online (including mobile phones) to a sample universe of more than 1 million Americans, using both opt-in and “stream” sampling to provide this study with a very robust and statistically accurate end sample size.
This study quantified the entrepreneurial cultural of Millennials and illuminated opportunities for community banks to connect with this generation and help fund their small business aspirations. Top line findings data are available to members of the media.