Almost half of millennials surveyed want a single banking app through which all financial processes can be initiated – including from bank to bank and between accounts. And for more than a quarter of millennials, fast access to online banking is the key to bank choice. 80% of respondents already conduct everyday transactions such as transfers online. The proportion of mobile banking customers totals 43.6%. More than two-thirds of the millennials surveyed think banking apps should be free of charge.
Online banking has long since been part of the daily lives of millennials. Keeping this in mind, the software provider CREALOGIX carried out a survey with the market research institute Censuswide to find out just how digital Swiss millennials are, and what they expect from their bank. 80 per cent of respondents say they conduct everyday transactions such as money transfers and account balance enquiries online. For more than a quarter (27.3 per cent), fast access to online banking is even a deciding-factor to bank choice. Today, 20.7 per cent conduct banking transactions exclusively online. However, it is important to nearly as many bank customers (26 %) that they have access to a banking branch near their home. Around 15 per cent visit their bank at least once a week, whilst nearly 40 per cent of those surveyed only visit the branch every six to eleven months or less frequently.
Mobile banking on the rise
The proportion of mobile banking customers totals 43.6 per cent - a growing market with high potential. Asked about their preferred digital banking method - online banking on the desktop or mobile banking - half of the respondents said that they prefer to conduct transactions "traditionally" on their desktops. The German-speaking Swiss are more likely to do so, at around 58 %, compared with the western Swiss at 43 %.
Bank customers want convenience
41.2 per cent would use a comprehensive banking app through which all financial processes can be initiated. Nearly 16 per cent say they have not yet thought about the topic. Almost one in five (18.3 per cent) is fully satisfied with the currently available banking apps. The customers surveyed would pay an average of CHF 1.22 for an open-banking enabled app. More than two-thirds are not really willing to pay for this service.
Richard Dratva, Board of Directors vice President & Chief Strategy Officer of CREALOGIX, says:
"Millennials are demanding and value a comprehensive digital offering. At the same time they are extremely price sensitive. Banks have to position themselves early with Open Banking services and retain customers through flexible and cost-effective offers within an open ecosystem, instead of just letting them evolve. At CREALOGIX, we help banks build tailored, Open Banking offerings and know what customers expect.“
Bank customers are satisfied and loyal
69.8 per cent of millennials are completely satisfied with their bank and rate the customer experience online and in the branch as very good. More than half of the millennials surveyed (53.9 per cent) have only one bank. On average, 1.79 banking relationships are maintained.
About the study
The market research institute Censuswide carried out an online survey across Switzerland on behalf of CREALOGIX, with more than 1,000 banking customers aged between 18 and 45 years. You can download the study free of charge here.
