Millennials are more likely to manage their finances through social media, as well as payment and fintech companies, but have not given up on branches any more than other generations.
Those are some of the findings from the latest Fiserv Expectations & Experience Survey, which revealed many consumers comfortable using nonfinancial providers for banking activities such as paying bills, transferring money to others, and taking out loans.
The Brookfield, Wis.-based financial technology firm's consumer trends survey also found three types of consumers poised to change banking. Millennials, high net worth individuals and people who live in urban areas are far more likely to be open to new innovations and companies offering financial services.
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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.).
