What Do Millennials Want from Their Bank Apps?

Millennials are more likely to indicate that certain features are missing from their bank app when compared to the older generations, according to the Mobile Money consumer survey. Also, there are a few features that millennials are more likely to use. SNL Financial's Mobile Money survey was conducted online in February across a nationwide sample of smartphone bank app using adults 18+, with n=4,371. The feature most often considered missing by millennial bank app users is savings account rates (19% for millennials compared to 12% for all other age groups). A close second was a mortgage calculator, a feature in which older respondents were far less interested. The use of mobile bank apps among millennials will change over time as both their needs and the features available evolve. For instance, interest in mortgage-related features follows the broader market trend of millennials becoming homeowners.