In four telling charts, TearSheet shows how digital-first banks have leapfrogged the top 50 global banks in terms of overall customer satisfaction. With 63% of challenger banks customers "extremely satisfied" and 73% of all consumer interactions with banks in the US done digitally, the secular trend has been solidified.
The best way to get to the younger millennial demographic is to find ways to influence their peers. More than any other age group, young millennials are susceptible to recommendations. 75 percent of this age group were referred to their primary bank. Because this demographic also tends to use fintech substitutes, it’s important for financial providers that want to reach them to reach their friends and families, too.