More than 60% of millennial use a mobile device as their preferred banking method, according to a new report from Irvine, Calif.'s MFour Mobile Research's millennial Insights Project.
The study of more than 1,000 millennials focused on mobile, online and in-person banking practices as well as money management habits happening with this segment of the population.
Banking on the go: 61.2% of millennials prefer to bank with mobile apps, and 69.1% had done so during the previous week. Almost 83% used a mobile banking app during the past month. Mobile was the most preferred banking method across all racial and ethnic demarcations, age groupings, and income brackets. The groups most likely to make mobile banking their first choice were Hispanics (71.1%), and millennials with incomes of $75,000 or more (65.5%).
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
