Fiserv said its Gen Y findings include the following:
- Gen Y members do not limit themselves to online and mobile banking — they’re more likely than any other age segment to visit a branch, drive up to an ATM or phone a call center.
- For each of the banking services above, Gen Y represents the highest percentage of high volume users (five or more visits/uses per month) than any other age segment. The survey found that 17% of Gen Y members visited a branch or office five or more times in the past month, compared with Gen X’s 10%, Baby Boomers’ 10% and Seniors’ 11%. High volume users of ATMs equaled 34% of Gen Y respondents, 30% of Gen X respondents, 22% of Baby Boomer respondents and 12% of Senior respondents. 6% of Gen Y members are high volume users of call centers, compared with Gen X’s 2%, Baby Boomers’ 1% and Seniors’ 0%.
- Online banking, debit cards and bank-based bill pay are the top three financial management tools utilized by Gen Y.
- Gen Y wants “all information, through all channels, available all the time.”
“Gen Y consumers grew up in the age of microwaves, cable television, email and cell phones,” Fiserv said in a statement. “Asking them to wait overnight for up-to-date banking information is like asking them to send a telegraph or walk across the room to change the television channel.”
Fiserv has conducted the Consumer Trends Survey at regular intervals over the past decade.