Young Adults Bank by Web and Phone

Young Adults Bank by Web and Phone

JULY 18, 2007

ATMs are an also-ran for this Web-reared demo.

College-bound consumers born between 1982 and 2000 like using the Web to access financial services, according to Celent Communications‘ "The Millennnials, Financial Services and the Web" report.

These consumers will be the next mass affluent group. The
report’s authors suggest that offering them financial services through
their preferred delivery channels now will establish their loyalty, and
pay off as the group’s wealth grows.


The group also used debit cards more frequently than other payment
methods — and for lower dollar values — than did older consumers.

Dan Schatt of Celent said, "GenM is the first generation to
grow up online and to grow up without the need for a landline phone.
Given the ubiquity of mobile handset adoption and Internet usage among
college students, banks that want to tap into this demographic will
have to invest heavily in the mobile and Web channels, the number one
preferred way for this segment to communicate and obtain information
about financial providers."

Young consumers’ preference for accessing financial services online was also detailed in an American Bankers Association/Ipsos-Reid
study. That July 2006 study stated that a third of 18-to-34-year-olds
used online banking, which was a much higher rate than other age



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