Banks must embrace technology to attract millennials

19 November 2008

In order to reach out to consumers of the so-called "millennial generation" - those aged between 18 and 30 - banks may have to step up their investments in technology.

This is the finding of a study conducted by Microsoft, which discovered that such people predominantly use the internet to conduct the most basic financial transactions.

It suggested that 70 percent of millennials pay their bills online and 74 percent view their balances over the web.

Meanwhile, of the people aged between 18 and 30 who chose the internet as their primary channel of service, 15 percent reported a preference for talking to customer service representatives via instant messaging.

"This survey shows banks need to consider a wide variety of channels to reach these tech-savvy millennial consumers and ultimately drive seamless integration across the web, branches and phone," stated Rich Feldmann, US banking industry solutions director at Microsoft.

Founded in 1975, Microsoft employs 94,286 people across the globe, 56,654 of whom are based in the US.

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