Reston, VA SEPTEMBER 8, 2015 (Marketwired) Resonate, in consultation with the Association of National Advertisers, announced today the results of an extensive analysis of millennial actions and attitudes towards financial services. The study, entitled “Winning on the ‘Why’ in Financial Services,” provides an in-depth portrait of perceptions and behaviors in banking, credit cards, investments, and insurance. The report finds that millennials are just part of the story when it comes to disruptions in the banking industry. Other consumer factors – such as digital “friendliness” and mobile tech adoption – are also industry disruptors.
According to the report, almost one-quarter (23%) of all adults would consider an online-only bank, yet the majority (63%) of this group are not millennials. This suggests that segmenting banking customers based on their “digital friendliness” as well as age might be more effective.
In addition to digital friendliness, financial marketers must consider that many millenials – the largest generation currently in the workforce – have the following sentiments:
- More than half (56%) of millennials do not value financial security when making important life decisions according to Resonate.
- Resonate insights show that one-third of millennials believe they will not need a bank at all within five years.
- This is consistent with an Accenture survey that found 40% of millennials would consider keeping their money with a technology firm such as Amazon, Apple or Google, over one of the major banks.
The study shows that financial decisions made by millennials reflect their coming-of-age experiences during the Great Recession, and their subsequent difficulty starting a career, aggregating savings, and purchasing a home. While millennials are a mobile-friendly banking group, they make up less than half (48%) of mobile banking users. Mobile banking consumers are less defined by age than by their affinity for mobile tech. More importantly, Resonate’s data shows that differences between financial services preferences in US adults is based more on resulting attitudes and motivations than by demographics.
“Millennials are a large, diverse generation that present a wide range of perceptions, beliefs, and behaviors ,” said Pat LaPointe, EVP at Resonate. “Simple assumptions that millennials are mostly driven by mobile or social media preferences are narrow-sighted. In fact, there is a very large group of older consumers of financial services who are just as digitally and technically savvy as the millennials, and equally willing to “un-bank” or bank with non-traditional financial services brands.”
Resonate’s study combined both the responses of 14,403 interviews with U.S. online adults. It also reflects a meta-summary of findings from across over 20 other reputable studies conducted over the past few years.
Resonate uses advanced data science and technology to deliver more relevant messages that drive engagement and build stronger ties with consumers. Going far beyond demographic and behavioral targeting, Resonate explains WHY people do what they do – and which values and motivations cause them to choose brands, products, candidates and causes.
Founded in 2008, Resonate is privately held and backed by Revolution Growth, Greycroft Partners, and iNovia Capital.
Named a 2014 “Cool Vendor” in Data Driven Marketing by Gartner and also one of the best places to work in Virginia, Resonate is headquartered in Reston, VA with offices in New York and Washington, D.C.
Emily Riley, (914) 330-1128