New research shows nearly 3 in 10 consumers expressed a willingness to adopt the mobile wallet payments alternative in the next six months. Unsurprisingly, baby boomers (ages 55 and older) were less willing to consider using mobile wallets in the next six months, with just 7% of this generation indicating a strong chance of using the payment alternative.
According to recently released results from a consumer survey by Computer Services, conducted by Harris Poll, found that 12% of Americans strongly agree that they plan to use mobile wallet technology within the next six months. This willingness was even more prevalent among millennials, with 19% of consumers age 18-34 planning to use it.
Although banks must appeal to millennials as well as Gen Xers—consumers age 35-54 who also are fond of digital banking solutions and mobile payments—it is equally important to take older generations into consideration with launching mobile banking offerings.
CSI says the results confirm that financial institutions are on the right track by investing in advanced mobile banking solutions that attract younger generations. Innovations like digital wallets affect all consumers and should be a strategic focus area for banks. While millennials lead the way in adoption, as we’ve seen with other digital banking services, more generations will also embrace new technology as it becomes more commonplace.
The survey results present an opportunity for financial institutions to engage these customers on the value of mobile banking services, as well as provide insight and training on how to utilize these alternative payment offerings.
The survey offered additional insight shared by U.S. adults related to their banking preferences. A detailed report of the survey findings is available online at www.csiweb.com.
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