Millennials are speed demons. They are used to efficiencies in life; and frustrations of dealing with a big, faceless, nameless bank puts them off. They are the first digital natives growing up with technology, they have grown up using laptops, smartphones and are very comfortable with this technology.
Research has shown that Millennials are brand loyal; and happen to be loyal to convenience as well. They are addicted to their smartphones and want services to be delivered wherever they are and whenever they need them. They favour convenience and a good user experience, even sometimes at the detriment of security. They are comfortable interacting with banks online and on their smartphones rather than walking into a branch. Millennials have embraced a “do-for-me” culture and expect technologies to simplify their lives.