Alkami Releases 2024 Generational Trends in Digital Banking Study
Study finds that millennials are 56% more likely to grow their relationship with their primary financial institution over the next twelve months than Gen Xers and baby boomers
The study explored a variety of key millennial financial trends, beliefs, and preferences, including the impact of the rising interest rate environment and views on adding new or different personal financial providers and products. The research also captured the biggest opportunities for regional and community financial institutions, and the role of data and artificial intelligence in informing and influencing personalized experiences. Key findings regarding these trends include:
- 73% of millennials say the rising interest rate environment has significantly impacted their standard of living, significantly more than Gen Xers and baby boomers.
- 65% of millennials report they feel they are living paycheck to paycheck.
- Over a quarter of millennials say that buying a home hinders wealth, as opposed to building it.
While millennials are navigating a difficult generational period driven by economic conditions, the study also points to clear and immediate opportunities for regional and community financial institutions to serve this group:
- 30% of millennials plan to grow the number of financial providers with whom they have a financial relationship over the next twelve months; this is 2.5x more than the weighted average of Gen Xers (14%) and baby boomers (8%).
- Millennials have 14% and 28% more products with their personal financial institution than Gen Xers and baby boomers, respectively.
- Millennials are 56% more likely to grow their relationship with their primary financial institution over the next twelve months than Gen Xers and baby boomers.
"Millennials are very much up for grabs by regional and community financial institutions. The study revealed that millennials are significantly more likely than older generations to change financial providers if another offers a better digital banking experience," said
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"This study provides business-critical research insights to financial institution leaders at an important moment of generational transition," said
To read the full Generational Trends in Digital Banking Study,
visit here
. Financial institutions can take action now to assess their competitive position and digital maturity level by taking
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