Smartphone — the future of a bank is in our pockets. As Bill Gates famously said, “People don’t need banks; they need banking” – and that could never be more true. Millennials no longer require traditional brick-and-mortar banks and are looking for new banking options. According to a Gallup poll, “Millennials are 2.5x more likely to switch banks than Baby Boomers (3.6%) or traditionalists (3.3%) and 1.5x more often than Gen Xers (5.5%).”

They want to do everything on their smartphones and want to do things seamlessly without interacting with people. They book ride-hailing services, order food, shop online, so why should banking be any different? With that said, let’s uncover the banking habits of Millennial customers.

Smartphones Replacing Banks

For Millennials, starting any relationship with a bank is as simple as downloading an app. The mobile device and the experience they have in the app will determine whether