Mobile-only banks: Cashing in on the 18-35 crowd

Post on January 12, 2018

Michael Ellison, president and co-founder of the analyst group Corporate Insight, said, “When you think of a millennial as 25, 30, or 35, and consider the mobile platform has been around for 10, maybe 15 years, and the iPhone turned 10 this year, that’s been their gateway to the internet. They are just used to it. They tend to have jobs that are more mobile as well, not spend their time at a desk. Even if they are desk-bound, they will probably opt to use their own mobile device, not their employer’s computer. I think there’s just a historical comfort level with mobile, and the expectation of getting everything when they want it, and where they want it.”

Overwhelming evidence that the tide is turning to mobile is clear from Corporate Insight’s February 2016 survey of online investors. According to the survey, 71 percent of millennials indicated that they had logged into their brokerage account using a mobile device in the past 12 months, compared to 44 percent of baby boomers. It also finds 51 percent of millennials said that their brokerage firm’s mobile capabilities were “very important” or “extremely important” to them, versus 23 percent of baby boomers.

Click here to read the full article...