Half of millennials embrace the Web, while only a third of baby boomers prefer to bank online. “As retail banks struggle to recapture customers in wake of global economic crisis, emerging generational differences in way consumers wish to bank’ll require financial institutions to adapt to divergent needs of their customers, Microsoft reports at BAI Retail Delivery Conference & Expo. The Microsoft “Millennials and Baby Boomers Banking Channel Preference Survey 2009,” conducted by KRC Research, Washington, D.C., found that adult millennials (ages 18–29) and baby boomers (ages 45–63) prefer very different channels for their banking activities. These preferences vary from high-touch, in-person experiences at branch to more automated experiences on Web, on mobile phones or at interactive kiosks.
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