A recent Gallup poll indicates millennial preferences in using financial institutions, which could give credit unions insight into how to win their business. According to the study:

  • Millennials are least likely to visit a branch, but most likely to use mobile and online banking
  • In-person experiences produce the most customer engagement
  • Mobile banking apps must be as good as the best-designed apps overall

According to the Gallup summary, this digital generation is most likely to use both online (92 percent) and mobile (79 percent) channels — and they tend to use those channels more frequently than older generations.

“In contrast, only 66 percent of millennials visited a brick-and-mortar bank branch in the past six months, compared with 81 percent of baby boomers and 80 percent of traditionalists,” the article says. Read more here.