Millennials Not Thrilled with their Bank or its Services

October 13, 2015, Written By Natalie Rutledge
A man holding smartphone with mobile banking application on a screen. Closeup shot.

Millennials would rather use their mobile phone than do their banking at a traditional branch by an overwhelming margin, according to a new survey from Chime, a mobile banking company. The research showed 88% of Millennials would rather use a bank app or website than perform a banking service at a branch.

The country’s largest living generation, with nearly 80 million people between the ages of 15 and 34, are not enchanted with the services offered by their banks. Only 31% of Millennials would recommend their bank to a friend. Furthermore, 37% tell others not to use their bank.

This dissatisfaction probably stems from the fact that they are not getting the services that are important to them. Nearly two-thirds of those surveyed would like to receive mobile notifications about deposits and transactions, but almost 80% are not getting them.

Millennials also want to be rewarded for their business. 80% of those surveyed also said it was important for their bank to offer them a rewards program, but 68% reported that the do not have one. Specifically, Millennials want a debit card with rewards, as this generation would much rather use their debit cards than a credit card. In fact, 67% prefer using their debit cards.

Millennials are likely avoiding credit cards as they are increasingly dealing with student debt. Nearly 40% of those surveyed had student loans. The other top sources of debt were credit cards (34%) and auto loans (32%).

Chime surveyed 1,262 people between the ages of 21 and 35. They used a SurveyMonkey audience to determine what these millennials look for in a bank.

The information contained within this article was accurate as of October 13, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]
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