For investment services firms trying to reach members of the Millennial generation, consider this: nearly half of all Millennials say they use an app on their smartphone or tablet to connect to a financial institution at least once during a typical month.
In fact, Millennial households are 118% more likely than older households to use financial institution apps.
The rise of mobile apps comes at a time when banks and credit unions are struggling to reach Millennials through traditional means. Kehrer Bielan’s consumer research on Millennial households finds that they are 24% less likely to talk with a teller inside a financial institution and 23% less likely to talk with a financial institution representative over the phone compared to older households.
Smartphone and tablet apps present a new way for financial institutions to connect with younger clients, and it appears that Millennials are embracing the technology.