Millennials favour banking apps over traditional branches, research shows

Research from Visa has shown that millennials are choosing banking apps over traditional bank branches, with 53 per cent of 18 to 34-year-olds regularly using a banking app on their mobile phone.

The research surveyed more than 2,000 Brits and found that 38 per cent routinely use a banking app on their phone. However, banking apps have not quite yet taken over, with 31 per cent of millennials admitting that they have never used one.

Leading

Millennials in the UK are also leading the way when it comes to peer-to-peer digital payments, with 59 per cent having made a P2P payment via a mobile phone.

The research also showed that millennials are embracing banking technology such as biometrics, with over one third of 18 to 34-year-olds saying that they would rather make P2P payments using this technology.

More than 35 per cent of respondents also said that they would like to use biometric technology in combination with a banking app.

Flexibility

Commenting on the recent revolution in mobile technology and the rise in popularity of banking apps, Visa Europe Executive Director of Innovation Partnerships Jonathan Vaux said: "We are now seeing banks embrace the flexibility offered by apps to reduce the pain points for customers and allowing them to stay on top of their finances while on the move. In essence, anyone with a smartphone or tablet is now able to take their bank branch with them wherever they go.”

Source: https://www.finextra.com/newsarticle/31260/mobile-apps-replace-bank-branches-for-uk-millennials