Millennials lead mobile banking adoption, but abandon lengthy processes
While millennials are the leading generation for adoption of mobile banking services, the process takes too long for many, and 43 percent of millennials have abandoned attempts to use them, according to a report from Jumio and Javelin Strategy & Research.
Older mobile banking users are more patient, as 25 percent of Generation Xers and 13 percent of baby boomers have abandoned mobile banking activities.
The “Generational Perspectives on Technology and Banking” report shows that while three-quarters of survey respondents across all generations use online banking, more than twice as many millennials use mobile banking (47 percent) than baby boomers (23 percent).
“While online banking has reached parity across age groups, mobile banking adoption is still accelerating,” said Al Pascual, SVP, Research Director and Head of Fraud & Security at Javelin Research. “To capitalize on the growing demand for mobile banking as millennials grow in spending power, financial institutions must simplify user experience and address ongoing concerns around security and fraud.”
The most common complaint about mobile banking from all generations is that it takes too long, according to 36 percent of those surveyed overall, and 38 percent of millennials. Twenty-eight percent reported difficulty remembering their passwords. The top concerns are security and fraud, with more than half of baby boomers worried about security (55 percent) and fraud (51 percent).
Jumio recently announced the appointment of a new VP and the opening of a new Singapore office.