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Gallup Poll on Millennials and Their Banking Habits

Gallup recently conducted a poll on how Millennials think about banking. And while the results might not be terribly surprising -- Millennials rely on digital versus in-person experiences -- they provide more data for banks looking to alter their approach so as to reach what is now the largest living generation of consumers. Indeed, Gallup recommended specific actions banks can take to better reach and serve Millennials, which you can read here and here.

Key stats from the poll:

Millennials are first-generation digital natives. In our recent banking study, Millennials were the most likely generation to use both online (92 percent) and mobile channels (79 percent) -- and they tend to use those channels more frequently than older generations. 

Only 66 percent of Millennials visited a brick-and-mortar branch within the past six months, compared to 81 percent of Baby Boomers and 80 percent of Traditionalists. 

Millennials have the lowest levels of customer engagement with their primary bank (30 percent are fully engaged) compared with Baby Boomers (40 percent) and Traditionalists (51 percent)

(While) Millennials were slightly more likely to say they had a problem...(they) were the least likely generation to report their problem to their bank. 

Then, the kicker: 

Millennial customers recently reported switching their primary bank at a rate that is 2.5 times more often than Baby Boomers and Traditionalists and 1.5 times more than Gen Xers.  

Providing financial services to Millennials requires a thorough understanding of their needs, preferred channels, and problem resolution. And the Gallup results and recommendations advance that cause. 

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