While the proclivity for millennials to use P2P lending services (especially compared to the baby boomer generation) is something we've all been aware of for sometime. Now, Fair Isaac has brought some additional data points to bear on the discussion. Will the banks take notice of this trend or is this another sign that the old guard is truly being disrupted?
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Millennials Are 10x More Likely to Use P2P Lenders Than the +50 Set
52% of millennials use or are considering using nontradititonal payments companies such as PayPal or Venmo. That’s twice the percentage of those 50 and older with the same outlook. 32% of millennials use or are likely to use mobile payments such as Apple Pay and Google Wallet in the next 12 months. For those over 50, the number is just 8%. 23% of millennials use or are likely to use peer-to-peer lenders, compared with 2% of those over 50. Further, 43% of millennials don’t think their bank communicates with them through their preferred communication channels. Those channels, according to the Fico survey, are, in order of preference: Email Test message (SMS) Bank website Mobile app
