STAMFORD, Conn.—A new report indicates that older Millennials are higher users of digital banking than their younger counterparts.
The report from Javelin Strategy & Research shows that 72% of older Millennials use online banking, while 64% of younger Millennials use the service. When it comes to mobile, 79% of older Millennials use the service, compared to 68% for younger Millennials.
Examining other service channel use, older Millennials (45%) use the call center more often than their younger cohort (35%). Branch usage is slightly higher among older Millennials (64%) than the younger group (61%).
Cash use—measured by cash withdrawn or deposited at an ATM—is much higher for older Millennials (72%) than younger (41%).
In all of the categories, except branch usage, older Millennials’ use of the channels exceed that of the all consumers, the study shows.
The report also noted that the lack of mobile optimization has resulted in disconnected digital experiences that frustrate more than half of Millennial customers who prefer to manage their accounts through a mobile device.