Millennials are the “mobile-first” generation, meaning financial services professionals who want to reach them will have to make mobile support a priority, according to Corporate Insight.
Corporate Insight released a preview on Friday of its study “The Millennial Shift: Financial Services and the Digital Generation,” which will be available in full on April 29. The study pulled data from various sources including the Pew Research Center, comScore, Merrill Lynch and Wells Fargo.
The past 20 years have already seen financial advisors shift from serving clients in a branch/telephone-centric model to one that favors computers and websites. According to the report, millennials themselves consider their use of technology a defining characteristic of their generation. They’re more likely to own smartphones than other generations and they’re far more likely to be mobile-only Internet users: 18% say they only use mobile devices to go online.
Furthermore, even among other tech-savvy investors, those with online brokerage accounts, millennials are more likely to use mobile devices to check those accounts: 69% compared with 41% of Gen X and just 30% of boomers.
Corporate Insight noted that mobile advertising allows for customization that traditional methods don’t offer because they can collect data about users’ behaviors and how effective the ads are.