61% Millennials Willing To Switch Banks Only For Digital Experience: Survey

According to the survey findings, nearly one-third of the respondents have changed their primary bank in the last five years, and about 30% of the total have changed for a more convenient banking experience. About 26% switched banks for better interest rates, while 27% wanted better financial products and benefits.

“Convenience was the main reason for switching for all respondents surveyed, with almost a quarter (23%) switching to a bank that offers digital services or a digital only bank, that is, to online banking. Uncovers the appetite of the building. country,” the report said.

The pace of change is expected to increase further, as more than half of the total 1,017 respondents said they are likely to switch from a traditional to a digital bank in the near future.

“Banking has long been regarded as a more traditional industry with high switching costs, but with the advent of digital banking services, we may see a reduction in switching costs,” said Deepa Bhatia, General Manager, YouGov.

Among Gen Z and Gen X, Millennials, 61%, are likely to switch to a fully digital bank in the future, with features such as 24X7 access to banking, remote banking experiences in place of crowded branch visits and banking Ease of use, all of which is provided by a digital bank. Cashback and rewards are more appealing to Millennials than GenX, while older people are likely to get the biggest benefit of digital banking thanks to the ease and convenience of banking along with round the clock access as per the survey.

“Millennials, who are between the ages of 30 and 40, are one of the most sought-after groups especially open to switching to their primary bank accounts and are quite open to digital banks. The changing motivations of their customers to take up banking What needs to be known about them so that they can be better served and retained.”