How Millennials are Changing the Banking Industry

How Millennials are Changing the Banking Industry

A recent article with Forbes shows the millennial customer is changing the banking industry. Traditional brick-and-mortar banking has quickly been replaced by technology. Latest statistics prove that banks can no longer ignore this vast and ever-evolving group. It’s time for banks to respond to the changing market and fulfill the needs of the millennial consumer.

According to the United States Census Bureau, the U.S. Millennial population is now over 75 million, which means the Baby Boomers have been surpassed as the largest demographic group. As first reported on Newsweek.com, the outlook, influence and spending habits of millennials will have a broad effect on the U.S. economy as a whole. “Automation and speed are critical to a tech-savvy generation, and millennials’ demands are bumping up against the limitations of traditional financial frameworks, which can seem lethargic and unresponsive. New needs are spurring new entrants into the marketplace, changing the way (they) purchase, finance and invest.”

The goals of millennial bank customers have less to do with low fees and a convenient location; what they gravitate toward is a functional app. The digital world and social channels is where millennials connect, and respond to advertising. Because the millennial customer is changing the banking industry, banks need to redirect their efforts in order to stay relevant.

Technology is imbedded in everyday life. BillingTree is a tech-focused payment solutions provider committed to offering innovative card-not-present payment solutions to make processing payments easier for your company. To see how BillingTree can help you understand the millennial demographic and grow your business, contact one of our team members today.