60 Pct Of Millennials Increased Online, Mobile Banking Activity

Financial institutions (FIs) want to keep customers loyal, cementing relationships that are already in place — while of course gathering new members onto their rosters. Merchants want to keep top lines buoyant.

In their bid to attract younger customers, these enterprises must craft digital experiences that reflect the fact that younger, affluent and urban consumers are flocking toward mobile channels in banking and in commerce. The  Generation Superconnected: The Coming User Authentication Shift Report, details the changes in attitudes and expectations — and banks’ practices — when it comes to safeguarding data and building trust. The joint efforts by PYMNTS and Nok Nok surveyed the landscape of more than 2,100 individuals.

Increasingly, ours is a connected, online economy.  The report found that 60 percent of millennials have increased their use of digital banking and mobile channels, and more than half of high earners, defined as those with incomes over $100,000 annually, have done so.

And it’s not just the younger generations who’ve shifted online. A majority of Generation Z respondents also said they’d boosted their use of mobile online banking options, at more than 53 percent.

But against a landscape where we have more devices in hand than ever, and where fraud cost consumers more than $43 billion last year alone, it’s become imperative that consumers feel safer when sharing their data, and that FIs endeavor to give their customers the tools to feel safer.

Drilling down into consumer interest in the security protocols themselves, 24 percent of all respondents said they would be interested in using 2FA and 3FA — and bridge millennials and high earners were among the most interested of these segments.