Millennials Want More from Banking Apps

14 September, 2015 (11:40) | Blog | By: admin

Millennials are more much more likely than other consumers to want savings account rates, mortgage calculators and mortgage rate comparisons on their mobile banking apps, according to survey results released by bank data firm SNL Financial.

Researchers conducted a nationwide poll of more than 4,000 adults who use smartphone banking apps and found that, in general, most consumers aside from millennials are not missing any features from their smartphone banking apps.

The Charlottesville, Va.-based firm found 53% of smartphone app users who were not millennials said their apps were not missing any features; while only 36% of millennials said they were satisfied with their apps.

Most millennials who missed features (19%) desired savings account rates as part of their banking apps. Seventeen percent said they missed mortgage calculators and 16% wanted to have the ability to compare mortgage rates, SNL reported.

Both groups did see eye to eye in one area, however – 16% of millennial banking app users and 15% of non-millennial banking app users said they missed having person-to-person payment features as part of their banking apps.

Young consumers lag behind Gen X in credit card openings but beat them in auto and student loans.

Millennials also differed in their attitudes toward the missing features in one other crucial way. Sixty-one percent told researchers they would be willing to switch financial institutions in order to obtain features they were currently missing.

By comparison, only 50% of non-millennial users said they would be willing to switch, according to SNL.

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