Generation X’s higher income earners and senior millennials (Gen MX) are increasing their use of digital banking, a new study by financial services technology leader FIS finds. The third annual Performance Against Customer Expectations report asked consumers how well their banking providers meet their needs in key areas.
Whether you live in the United States or Europe, if you are a senior millennial (26-36) or a member of Generation X (37-51) you likely share some characteristics with others in your cohort. Your primary financial institution is most likely a regional bank, and 75 per cent of your contacts with said institution are conducted online and via mobile devices (more than twice as often as baby boomers). You also share, in the same order, then ten most important attributes you want from a bank, beginning with security, moving through omnichannel options and on to wanting your institution to anticipate and meet your financial needs.
“Gen MX is now in the driver’s seat of the global economy,” FIS chief operating officer, Banking and Payments Anthony Jabbour said. “This super segment of consumers earn more than any other age group, are starting and running businesses, and are about to inherit the biggest transfer of wealth in history. They are accustomed to using digital channels to manage their personal lives, and they want the same level of digital experience in their banking and business relationships.
“These digital power users are creating the future of banking and payments, and financial institutions of all sizes need to be paying attention to serving their needs.”
Additional key findings include:
- German and American banks do the best job of meeting expectations, while Indian, Brazilian and Thai banks are below global averages.
- Global banks mostly meet in-person and omnichannel expectations but need help with building relationships and maintaining trust.
- Younger customers have more contact with their banks but are also the most disappointed with their performance.
Conducted last December, the online study surveyed 8,000 people in Australia, Brazil, Canada, Germany, India, Thailand, the United Kingdom and the United States.