{"id":174,"date":"2016-02-24T11:28:14","date_gmt":"2016-02-24T18:28:14","guid":{"rendered":"https:\/\/www.morphis-insights.com\/?p=174"},"modified":"2024-01-26T11:10:57","modified_gmt":"2024-01-26T11:10:57","slug":"millennial-online-banking-survey","status":"publish","type":"post","link":"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/","title":{"rendered":"Millennial Online Banking Survey"},"content":{"rendered":"

Recent studies revealed that 71% of Millennials would rather go to the dentist than listen to their bank<\/a>. 73% said they would be more excited about new financial service offerings from Google or Apple than from their bank and 1 in 4 said they would rather bank with a tech company than their current bank.<\/p>\n

Coupled with the many denial of service banking failures caused by legacy system issues, it\u2019s not surprising that 61% of financial services CIOs see the biggest threat to their digital banking industry coming from outside their own industry<\/a>.<\/p>\n

To try to dig down a level we decided to commission our own survey of Millennials in the US to see how banks are satisfying their banking preferences and dealing with security and fraud concerns.<\/p>\n

You can read the full results from the January 2016 survey of 400 Millennials here<\/a>.<\/p>\n

To summarize the results of the survey, we found that:<\/p>\n

– Millennials are demanding reliable, easily accessible banking services with 82% saying they would probably make a banking choice based on the bank\u2019s online services
\n– 75% of respondents believe their bank\u2019s online services are very secure yet 53% are never prompted to change their password
\n– 94% of Millennials are unsure where the liability lies if their account is hacked and 93% would change banks in the event the bank did not cover loss of funds due to fraudulent activity.<\/p>\n

Clearly, if user experience, security measures and fraud protection are not fully modernized then banks risk losing their customers and customers risk losing everything.<\/p>\n

Right now there is a cozy truce regarding fraudulent activity [that leads to financial loss]. In general, the bank will cover the loss, the customer may feel that is enough and the bank\u2019s costs are passed on to all customers through higher fees.<\/p>\n

However, fraudulent activity can easily extend beyond the monetary to identity theft and medical fraud and the onus then is most definitely on the customer to clear up the resulting mess. Something that can, and has, taken people many years and much heartache.<\/p>\n

Of course, banks are not the only potential source for fraudulent activity. Retailers, even the OPM are leaking data at an alarming rate. That said, we looked at the Efma \u201cInnovation In Retail Banking\u201d study<\/a> to see where innovation is, and is not, occurring in the retail banking world. Fraud analysis ranked only 5th out of the analytics technologies falling behind such things as sentiment analysis (does our customer love us), customer intelligence and social intelligence. Security was only mentioned in relation to working with startups – is working with a startup going to compromise security?<\/p>\n

The bank\u2019s focus on customer experience and sentiment is, of course, to be lauded. But not at the expense of security and fraud protection. We don\u2019t need advanced tools to predict customer sentiment if those two are not fixed and replacing outdated legacy systems is the starting point for ensuring all three aspects are addressed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent studies revealed that 71% of Millennials would rather go to the dentist than listen to their bank. 73% said they would be more excited about new financial service offerings from Google or Apple than from their bank and 1 in 4 said they would rather bank with a tech company than their current bank. 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Morphis Insights Survey\" \/>\n<meta property=\"og:description\" content=\"The online study polled 400 Millennials on their banking preferences, security concerns and knowledge of their bank\u2019s software systems.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/\" \/>\n<meta property=\"og:site_name\" content=\"Morphis-Tech Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-24T18:28:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-26T11:10:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/morphis-tech.com\/blog\/wp-content\/uploads\/2016\/02\/ATMLarge_30-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bruno Andrade\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bruno Andrade\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/\"},\"author\":{\"name\":\"Bruno Andrade\",\"@id\":\"https:\/\/morphis-tech.com\/blog\/#\/schema\/person\/b6d9d149d3091b09f3ee9bd007183275\"},\"headline\":\"Millennial Online Banking Survey\",\"datePublished\":\"2016-02-24T18:28:14+00:00\",\"dateModified\":\"2024-01-26T11:10:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/\"},\"wordCount\":493,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/morphis-tech.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/morphis-tech.com\/blog\/wp-content\/uploads\/2016\/02\/ATMLarge_30-scaled.jpg\",\"keywords\":[\"Banking\",\"Financial Services\"],\"articleSection\":[\"Morphis In the News\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/\",\"url\":\"https:\/\/morphis-tech.com\/blog\/millennial-online-banking-survey\/\",\"name\":\"Millennial Online Banking Preferences - 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