Millennials Are Digital, But Also Still Want a Bank Branch
Millennials love digital. So you might think millennials would love digital-only banking. If you did, you’d be wrong.
Millennials do use mobile banking. Yet half of millennials said in a new study that they would not switch to a digital-only bank (Marqeta, 2019).
“What’s striking about these figures is that, while lots of millennials use digital banking in various forms, nearly half wouldn’t even consider switching to a digital-only bank,” said eMarketer principal analyst Mark Dolliver. It seems millennials want to still have the option of going to a branch when needed.
In other research reported by eMarketer, millennials also will abandon a bank or credit union because the app was too complicated or clunky. If they found one superior, they would switch right away.
A lot is assumed about millennials, but as millennials age, their needs change or mature. Opening a checking account is easy online; applying for a mortgage may require hands-on experience that a friendly banker can provide.
Mark Mathis
Mark wrote his first direct-mail fundraising letter in 1981 for the University of Iowa Center for Advancement. The effort raised a few million dollars in undiscovered wills and legacy gifts. From that day forward Mark discovered a love of the big idea that moves the needle.
After 12 years at KWWL, Mark became a business owner as a co-founder of ME&V — rebranded as AMPERAGE in 2015. After 25 years of leading creative teams in video production, graphic design, PR, writing and web development, Mark transitioned out of ownership in 2021. Today he serves in an employee role as special projects consultant.
He is creatively ambidextrous — son of an artist and engineer — and famous for distilling complex ideas down to a few words and a few visuals. Mark is a writer. When he found that many nonprofits struggled with complex branding puzzles, he wrote the book, “NonProfit-NonMarketing .” He also wrote a novel called “Reenactment.”
Mark is an active blogger OneMinuteMarketer® with nearly 1,000 readers each week on LinkedIn, Facebook, Twitter. One of his most popular YouTube videos is on “How to Look Good on Zoom.”
One of Mark’s fondest business memories was being named to INC 500 two times and attending the INC 500 conference with other winners. Mark is considered by some a Civil War expert (and that explains his novel). Mark also served as an adjunct professor in the business and in the communications departments at Wartburg College.
Mark is a graduate of the University of Iowa and is currently vice president of the University of Iowa Journalism and Mass Communications Advisory Board.
Mark is married to state Sen. Liz Mathis, and the two love to travel, even when it means being trapped by a volcano in the Czech Republic for three weeks.