Mobile Banking Isn’t Just for Millennials

June 24, 2015

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They’ve been called digital natives, the Internet generation, and gen next. Whatever you call them, millennials are the most digitally connected generation and mobile is their primary channel of choice for managing their daily activities and staying informed. But millennials aren’t the only devoted users of mobile devices and the Internet. All generations depend on mobile devices to manage daily activities and to stay informed. And not just for checking messages, booking travel, or shopping.

According to the Board of Governors of the Federal Reserve System, all age groups rely on their SmartPhones for banking data.

While millennials are leading the charge, gen X-ers and baby boomers are not far behind.

This new addiction to mobile banking was recently uncovered in a research study by Carlisle and Gallagher Consulting Group. The survey of 1,005 U.S. consumers notes that ease of use, better features, and the shifting size of mobile devices are having a considerable influence on how Americans are banking. NetFinance research supports this finding, with survey data concluding that 90% of US consumers monitor their account balances on SmartPhones and about half perform more involved banking activities.

Clearly marketers should take note: the shift to mobile banking affects all generational segments and it’s more important than ever to optimize the mobile customer experience for everyone.

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