To help bankers navigate the ever-growing presence of millennials — the generation of those aged roughly 16 to 35 — in the financial services marketplace, ABA today released a new infographic and launched a suite of resources for bankers.
The infographic illustrates how the changing economy and social trends result in many millennials delaying life milestones such as homeownership and family formation, which in turn has delayed millennials’ entry into core banking products. It also explores how millennials tend to engage with financial providers as “digital natives” whose top preference is mobile banking.
The infographic also explores how banks can position themselves to succeed with millennials and subsequent generations by meeting their needs for mobile banking and payments solutions, budgeting tools and wealth management services. Bankers can learn more at aba.com/millennials.