Raised in an age of evolving technology, many young consumers are still banking the way their parents historically have done. According to a recent Mintel report, only 33 percent of consumers 18-34 are using online banking services. In addition, 37 percent of those ages 18-34 say that “better customer service” would cause them to switch banking providers.
With numerous financial service options available, Mintel’s research also shows that younger consumers still have concerns about the security of online banking. Some 40 percent of those who do not use online banking state it is because they “don’t trust transactions on the Internet”.
