Fiserv Inc. has found Gen Y consumers are not strictly tied to online and mobile banking, based on the company's latest Consumer Trends Survey.
Fiserv said its Gen Y findings include the following:
- Gen Y members do not limit themselves to online and mobile banking — they're more likely than any other age segment to visit a branch, drive up to an ATM or phone a call center.
- For each of the banking services above, Gen Y represents the highest percentage of high volume users (five or more visits/uses per month) than any other age segment. The survey found that 17% of Gen Y members visited a branch or office five or more times in the past month, compared with Gen X's 10%, Baby Boomers' 10% and Seniors' 11%. High volume users of ATMs equaled 34% of Gen Y respondents, 30% of Gen X respondents, 22% of Baby Boomer respondents and 12% of Senior respondents. 6% of Gen Y members are high volume users of call centers, compared with Gen X's 2%, Baby Boomers' 1% and Seniors' 0%.
- Online banking, debit cards and bank-based bill pay are the top three financial management tools utilized by Gen Y.
- Gen Y wants “all information, through all channels, available all the time.”
“Gen Y consumers grew up in the age of microwaves, cable television, email and cell phones,” Fiserv said in a statement. “Asking them to wait overnight for up-to-date banking information is like asking them to send a telegraph or walk across the room to change the television channel.”
Fiserv has conducted the Consumer Trends Survey at regular intervals over the past decade.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
