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Millennials are Cautious Banking Customers, Survey Finds
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Greg MacSweeney
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Greg MacSweeney,
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3/28/2014 | 11:41:55 AM
re: Millennials are Cautious Banking Customers, Survey Finds
Interesting study. Yes, it seems that millennials are using all channels. But I think the usage of the branch might be overstated here. "The survey found that they are still visiting bank branches as
frequently as they did last year, mostly to deposit or withdraw money." I'm guessing that in most of the cases, "deposit and withdraw money" means using an ATM at the branch, which is far different than waiting in line to talk to a teller to withdraw money.
Becca L
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Becca L,
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3/17/2014 | 9:44:14 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Those dial menus fill me with rage. I'll walk/drive for miles to deal with someone in person if it means avoiding that experience. Why do they always speak so sloooowlyyyyyyyy
Byurcan
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Byurcan,
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3/17/2014 | 9:34:43 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Good point, especially if you have something more complicated to discuss than can really be dealt with ona mobile phone.
Us branch lovers rule.
Becca L
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Becca L,
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3/17/2014 | 9:33:11 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Mom knows best! During the transitional period when millennial are taking over joint accounts, building their own accounts and generally taking on the responsibilities, parents are a first step to understanding what needs to be done/ what's possible. Sometimes it's easier asking the dumb questions to family and Google before speaking to a professional. I think of it like walking into a car dealership without first asking your brother for advice.
Becca L
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Becca L,
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3/17/2014 | 9:19:20 PM
re: Millennials are Cautious Banking Customers, Survey Finds
TBH, I took financial education classes in high school, even majored in economics, but when it came down to making and updating my own budget and monitoring my accounts I felt like I was at stage one, Google was my best friend. I am SHOCKED only 62 percent are going online for information.
Becca L
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Becca L,
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3/17/2014 | 9:15:49 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Bryan, as a fellow branch-lover, I also felt this survey was in our favor. This survey said in-branch interactions were preferred for security and interaction purposes - exactly!

I also feel a comparison can be made to going through a regular dial menu "Press one to check your balance, 2 to report a missing card, 3 to.." We all know the preferred option is to slam 0 until a live person is on the line. We feel our questions/intentions are dynamic, and there's no way preselected options are going to meet our needs. Nate, yes, going to someone in person and asking that question may take longer then going through a phone service, but that time is spent in a less frustrating way.
Kelly22
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Kelly22,
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3/17/2014 | 4:19:20 PM
re: Millennials are Cautious Banking Customers, Survey Finds
That's a good point too. Parents serve as a trusted source for basic financial questions, but eventually it's necessary to go to a branch or research online for more complex advice. Personally, I've found branches to be very helpful in answering my more complicated questions.
Ivy Schmerken
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Ivy Schmerken,
User Rank: Author
3/17/2014 | 4:01:26 PM
re: Millennials are Cautious Banking Customers, Survey Finds
In addition to convenience, could it be that they trust their parents and that they feel more comfortable asking them rather than speaking to someone they don't know at a financial firm? Parents could be the first step, but ultimately they will need to contact a financial firm or bank and/or conduct research via the web.
Kelly22
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Kelly22,
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3/17/2014 | 3:17:15 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Mobile is becoming more important, but I think millennials (and consumers in general) use mobile capabilities and bank branch for very different functions. Personally, I use my phone to check my balance or pay bills, but when I wanted to open a new account I went to the branch so I could speak with someone and learn more about different options.
Kelly22
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Kelly22,
User Rank: Author
3/17/2014 | 3:08:06 PM
re: Millennials are Cautious Banking Customers, Survey Finds
Convenience may also have a lot to do with it - many millennials live with their parents or find it easier to call them than drive to a branch when they have a financial question.
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