NEW YORK—New research shows Millennials and Gen Z use mobile banking five times more than their parents.
A new report from PYMNTS shows that across all age groups, other than Baby Boomers and seniors, banking customers increasingly favor using their smartphones to conduct online financial activities and transactions by wide margins.
While 58% of retail banking customers reported smartphones as their go-to devices for online financial activities, Millennials were 18% more likely and Generation Z consumers were 23% more likely to say their phones were their preferred devices, PYMNTS said.
Fifty-seven percent of consumers believe smartphones and computers are equally secure for sending and receiving money, and 56% said the same for accessing bank accounts.
Slightly larger shares of consumers consider smartphones more secure than computers for sending and receiving money and for making online purchases.
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