Myth or Fact: Do Millennials Really Lead Digital Banking

Webster Bank, N.A. Member FDIC. Equal Housing Lender ©2017 Webster Financial Corporation. All rights reserved.
Myth or Fact – Do Millennials “Really” Lead Digital Banking?
Chris Barlow
Vice President Mobile Banking
Webster Bank

Webster Bank
 $25B Regional Bank
 HQ – Waterbury, CT
 Founded in 1935
 Serve 4 States
 Connecticut
 New York
 Massachusetts
 Rhode Island
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Chris Barlow – VP Mobile Banking
cbarlow@websterbank.com
@barlowdigital

Defining today’s
Generations

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• Traditionalists : Born 1945
and before 72+
• Baby Boomers: Born 1946
to 1964 53 - 71
• Generation X: Born 1965 to
1979 38 - 52
• Millennials : Born 1980 to
1997 20 - 37
• Gen Z : Born 1998 and later
19 and
under

Why all the buzz
about Millennials?

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Millennials have become the largest living Generation in the US
and are poised to have the most spending power and wealth.

Webster has convened a “Millennial Council”
 In 2017, Millennials will outspent Baby Boomers for the first time
 Tech-dependence, Millennials have forever changed how they prefer to
communicate
 The combination of exposure to external trends and generation-defining moments give
Millennials a similar worldview in most countries.
 Defining moments for the generation
 The Challenger explosion in 1986
 The Gulf War
 September 11, 2001
 Recession in 2008
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1Source: Goldman Sachs Global Investment Research
2 As of 2/20/16 http://expandedramblings.com/index.php/millennial-statistics-for-marketers/

How do customers
like to interact with
their Banks?

9
70% of all banking interactions regardless of age group are digital

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A user-friendly, feature-rich Mobile App is an expectation for
customers of all generations.
…Millennials use Mobile as their primary channel

11
For most Banks over half their customers are active Mobile users

Mobile – the whole
Bank in your
pocket

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Mobile is becoming the only way a growing segment of
customers interact with their bank.

Who do customers
prefer to manage
their finances with?

21
Overwhelmingly US customers want their primary bank to meet
their needs for life events

22
Despite customer’s intentions, digitally savvy competitors are
grabbing market share

23

Are Behaviors
“really” shaped by
Generation…or Life
Stage?

25

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Gen MX (Senior Millennials and Gen X) experience similar Life Events

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Millennials are
primary users of
newer features and
mobile

Millennials see mobile as a partner to make life easier
 71% willing to grant access to all mobile data to
personalize their experience
 43% want their mobile service to become more
useful for the small things in everyday life.
 41% said they want their mobile phone to be
their personal wallet, storing multiple payment
methods
 35% said they wanted even more hands-free
ways to pay using their phone or other devices
 Wearables - Smart watches/Rings/Bracelets
 Voice control and virtual assistants
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For every P2P Payment made through their Bank, customers
are still doing just as many each month outside the bank.

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Despite being tech
savvy, Millennials
don’t lead everything
digital…

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Millennials need more help managing their finances

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Older users are less forgiving of glitches than younger users
38% of 18-24 year-olds are “extremely likely” to abandon a buggy app,
compared to 44% of 45-54 year-olds.

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Baby Boomers are better at digital security than Millennials

So…Do Millennials really
lead digital banking?
“MYTH”

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Questions?
Chris Barlow – cbarlow@websterbank.com - @barlowdigital

Myth or Fact: Do Millennials Really Lead Digital Banking

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