Mobiquity's report also found:

Sixty-six percent of consumers over 60 listed having "a branch location close to me" as one of three top factors that define an ideal banking experience, a significantly higher percentage than those ages 45-60 (54%), 30-44 (43%) and 18-29 (45%).
The desire for "optimal account terms" (including low usage fees and high yields on interest-bearing accounts) also increased with age, with 41% of consumers under 30 including it in their top three attributes, compared to 43% of those 30-44, 49% of those 45-60 and 57% of those over 60.
The younger consumers were, the more they cared about their financial institution offering peer-to-peer lending options and the ability to invest in cryptocurrency. Thirteen percent of the under-30 group named peer-to-peer lending in their top three factors influencing their ideal banking experience, compared to 11% of those 30-44, 13% of those 45-60 and 6% of those over 60. For cryptocurrency, those percentages were 14% for consumers under 30, 12% for consumers 30-44, 10% for consumers 45-60 and just 1% for consumers over 60.
Older generations preferred financial institutions that invest in their local community, versus younger generations who preferred institutions that invest in sustainability. Sixteen percent of consumers under 30 found community investments important compared to 22% of those 30-44, 25% of those 45-60 and 28% of those over 60. Twenty-four percent of people under 30 said they were more concerned with investment in sustainability, compared to 17% of both the 30-44 and 45-60 age groups, and 16% of the over 60 group.

Matt Williamson, vice president of global financial services for Mobiquity, said that credit unions, being brands that are trusted but rarely dynamic, must recognize they are at an inflection point and act now to attract younger generations. Providing digital experiences on par with those offered by big tech companies is key to meeting the needs of today's consumers, he noted. "With the democratization of access to digital tech, there is zero reason a credit union could not provide an equally seamless, friction free experience for their customers," he said. "With open banking concepts, they could offer third-party services to their customers, further increasing the value of the relationship."

Instant Insights /

Digital Experiences Drive More Consumers to Big Banks: Report

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