STAMFORD, Conn.—While Millennials are the leading generation for adoption of mobile banking services, the process takes too long for many of them, a new report reveals.
Forty-three percent of Millennials have abandoned attempts to use mobile banking, according to a study by Jumio and Javelin Strategy & Research.
Older mobile banking users are more patient, as 25% of Generation Xers and 13% of Baby Boomers have abandoned mobile banking activities, reported Biometric Update in its analysis.
The most common complaint about mobile banking from all generations is that it takes too long, according to 36% of those surveyed overall, and 38% of Millennials.
Twenty-eight percent reported difficulty remembering their passwords. The top concerns are security and fraud, Biometric Update noted.