Millennials' relationship with Bank Accounts
“The digitized user trusts the bank of the future”
A bank account managed entirely on mobile: Less bureaucracy, more access, practicality and little or no fees. This platform is the speech of the challenger banks that won the generation of millennials everywhere in the world. The number of digital banks increased 147% year-over-year and there was a 50% increase in the number of people using both a traditional bank and a challenger bank. The number of people willing to switch from a conventional bank to a challenger bank has also grown, reaching 75.3%.
Fees and rates have become the most important factor for users when choosing a bank. Then there is the perception of bureaucracy and the ease of opening an account. The diversity of products offered is in 4th place. (See the chart on page 23).
Challenging and breaking with the status quo are the great wishes of the millennial generation.
On the other hand, there was an increase in the number of institutions used by each person: the average number jumped from 2.1 in 2019 to 3.2 in 2020.Among the people of generation Y that number reaches 3.5.Of the 10 institutions most cited by users, all have the possibility of opening and closing a 100% digital account.