In a somewhat stunning report by Mintel, it was discovered that only 33 percent of consumers between the ages 0f 18-34 use online banking services. It's amazing to think that this demographic largely is still banking the way their parents have always done in the past.
Even with the increase with safety online, the research reveals that there are still a lot of security concerns about online banking that this age group has. Around 40 percent say they don't use online banking because they don't trust online transactions.
“Financial services companies continue to elevate their level of safety and security messaging to their consumers, but it is interesting that the Echo Boom and Gen X groups do not necessarily have their fears laid to rest,” said Susan Menke, senior financial services analyst for Mintel. “The fact that many of them still rely upon human interaction for their banking is actually surprising, given the fact that these generations have grown up with the Internet already being a staple in American culture.”
Those between 18-34 also said that if they were offered better customer service they would be willing to switch to another banking institution.
I have to say as far as only 33 percent of consumers this age banking online was a revelation to me. I really thought the numbers would have been over double that.
