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The majority of millennials now use digital banking, according to a study by TD Bank.
February 2014 polling found that 88% of US internet users ages 18 to 34 used online banking to pay monthly bills, make deposits and withdraw money. Nearly half said they performed such activities on a mobile device.
Respondents reported that they were using digital banking more frequently than they had in the previous year, with 57% saying they used mobile more often and 50% saying the same for online banking.
Those ages 18 to 34 were turning to digital banking to make their lives easier, as 76% said that online and mobile banking were more convenient. Three-quarters of respondents said that an advantage of digital banking was that it saved them time, and the same percentage cited the ability to bank at any time as a benefit.
That millennials use digital banking for its convenience and flexibility explains why the top activities they conducted via online and mobile banking were checking balances or activity (84%), paying bills (57%) and transferring money (56%). These are common banking activities, so conducting such tasks on the go provides convenience and helps save and manage time.
Millennials are more likely than other groups to adopt digital banking. According to data released in September 2013 by Celent, 18- to 29-year-olds were the most likely to use their banks’ websites to manage personal finances, cited by 48%. Usage decreased with every age group.
Research published in November 2013 by AlixPartners also reported that older millennials—those ages 26 to 34—used mobile banking the most: 37% said they used it routinely, and 32% said they did so occasionally. The 18-to-25 age group ranked second, with 45% using mobile banking at least occasionally.
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