SAN DIEGO, Calif.–Not all Millennials are equal when it comes to their value as banking consumers, according to a new report that shows Millennials ages 29–34 make at least $10,000 more per year than their younger counterparts.
Mitek recently partnered with Osterman Research to survey 3,000 Millennials in the U.S., Canada and the U.K. to learn about their mobile preferences, purchase habits, and what they want from their financial institutions when it comes to the mobile user experience.
Survey highlights include:
- Millennials rank banking better than Uber for mobile experience.
- When asked which industries provide the best mobile user experience, banking ranked No. 1 by the majority (57%) of U.S. Millennials – outranking car services such as Uber and Lyft.
- Forty-three percent of U.S. Millennials have attempted to sign up for a financial services account from their mobile device.
- Thirty-eight percent rated the process “pretty good” while nearly 20% of Millennials said it was slow and cumbersome.
- Of those Millennials that gave up on the mobile enrollment process or weren’t able to finish from their mobile device, 28% went to a different institution where they could.
Older Millennials (the most affluent segment) want more mobile capture from their financial institutions:
- More than a quarter of all Millennials are interested in applying for a mortgage using the camera on their mobile device.
- The number jumps to almost 40% for the oldest segment of Millennials (ages 29 – 34) who are “extremely interested” in applying for a mortgage via mobile capture.
- Forty-six percent of U.S. Millennials want to use selfies to authorize mobile purchases, but only 4% say they are currently able to do so.
- Thirty percent of older Millennials are making frequent purchases/transactions from their mobile device vs. 16% of younger American Millennials.
- Nearly half of older Millennials have made a decision on where to spend money or switched companies based upon the mobile experience.
A good mobile experience is essential for financial institutions:
- Eighty-four percent of Millennials consider a good mobile user experience important or essential in order for a financial institution to do business with them.
- Nearly half of older Millennials have made a decision on where to spend money or switched companies based upon the mobile experience.