Tearsheet reports on a recent survey, the 2019 FIS Performance Against Customer Expectations (PACE) survey, of 1,800 consumers; not surprisingly,...
Writing in AltFi Nick Woods, Head of Financial Services at Instinctif Partners, takes a look at how the UK’s millennials...
A recent study by the Global Financial Literacy Excellence Center at the George Washington School of Business shows that users...
With tech companies being seen as the better destination for the millennial workforce banks are starting to look at new ways to attract younger talent; helping employees pay down student debt has become one way for banks, who might not offer the same salary range, to stay competitive; as banks look to become more digitally savvy enlisting programs like this can help to go a long way in attracting the new generation of talent. Source.
Big banks like J.P. Morgan Chase and Wells Fargo have developed new mobile only banking apps in an effort to attract younger customers; “It’s about helping people start in banking and doing it in the way that fits their lifestyle,” said Steve Ellis, executive vice president and head of the Wells Fargo Innovation Group, to Business Insider; the banks are looking to get users at a younger age then keep them over the lifetime with additional product offerings; focusing on the consumer experience and new technology will help the banks to claw back some of the market that fintech companies have taken. Source.
There is a prevailing thought in the fintech market that millennials hate big banks and are open to giving their...
Mortgages are one of the last lending products to become fully digital as the process represents quite the challenge to...
A new survey by Bank of America found that 63 percent of millennials are saving money, that is on par with generation X and baby boomers; the survey shows that millennials are a lot more in tune with their financial lives then they are given credit for; the survey also found that millennials are more apt to ask for a raise and they also play into stereotypes by saying they spend too much and don’t save enough when asked by researchers. Source.
A new report from Equiniti found that 30 percent of millennials borrowed more than $1300 in the past year; borrowing has increased by 17 percent since 2015; 44 percent prefer to search for a loan on their phones and 47 percent said they would be willing to borrow from an unfamiliar lender; this is clearly encouraging for fintech firms but also shows challenges remain as millennials look for the cheapest, quickest way for funds. Source.
Online lending appears to be driving increased personal loan borrowing from millennials; data from TransUnion says 4.33% of millennials obtained a personal loan in 2015 and online lenders accounted for approximately 30% of the personal loan market last year; TransUnion also reports that millennials are more conservative about credit card debt with two fewer cards on average than the previous generation. Source