News Article by Sue Hines appearing on Money Inc. - March 15, 2017
There is just 20 years’ difference between the youngest Baby Boomer and the oldest of the so-called Millennial generation. But those two decades spell a big difference in how these generations view banks.
The arrival of mobile technology has forever changed the retail banking industry, giving birth to a new breed of tech-savvy bank customer, especially among consumers between the ages of 18 and 30. These so-called Millennials are a generation largely consisting of people who do not remember a time before the Internet and are often described as living on their smartphones.
For many, banking is an app on their iPhone, not a face-to-face transaction with a teller standing at a mahogany counter. And these customers are rapidly embracing mobile banking, an area where many Baby Boomers, concerned for the safety of their financial data, fear to tread.
Adding to the divergence, Baby Boomers, now entering retirement, have far more money at their disposal and account for a big chunk of bank deposits.