More than 60% of millennials use a mobile device as their preferred banking method, according to a new report from Irvine, Calif.'s MFour Mobile Research's millennial Insights Project.
Banking on the go: 61.2% of millennials prefer to bank with mobile apps, and 69.1% had done so during the previous week. Almost 83% used a mobile banking app during the past month. Mobile was the most preferred banking method across all racial and ethnic demarcations, age groupings, and income brackets. The groups most likely to make mobile banking their first choice were Hispanics (71.1%) and millennials with incomes of $75,000 or more (65.5%).
In-person banking: Only 18.1% of millennials prefer to bank in person. However, 63.9% said they visited a bank within the past month.
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