2017 PACE REPORT • U.S. BANKS TOP 3 AREAS OF … · their bank’s app for mobile payments...

1 MILLENNIALS

Millennials outnumber baby boomers, and they’re gaining economic strength. The largest living generation represents the greatest opportunity—and challenge—for banks today.

Older millennials now make more than

baby boomers

of millennials will experiencea near-term life event

Tuition, wedding, home purchase, auto purchase, investments, retirement planning

of millennials have usedat least one alternativefinancial service in the

past month

US overallYoung millennialsSenior millennials

Baby boomersGeneration X

AVERAGE INCOME

66,000

54,700

69,800

61,800

74,200

2017 PACE REPORT • U.S. BANKS

TOP 3 AREAS OF OPPORTUNITY

Empoweringthe Financial World

Millennials Gen X Baby boomers

P2P PAYMENTS WITH BANK’S MOBILE APP

P2P PAYMENTS WITH ANOTHER MOBILE APP

1%

1%

22% 3%

24% 4%

19%

14%

13%

12%

13%

10%

10%

Person-to-Person PaymentUtility Bill PaymentPaying for Air/Bus/Train/TaxiPaying for Theatre/Concert Tickets

Paying at Retail/RestaurantShopping in Local Store

Online Shopping

Consumers are likely to use their bank’s app for mobile payments

Percentage of transactions

made via mobileby millennials

MillennialsGen XBaby boomers

PAID A BILL FROM BANK ACCOUNT

TRANSFERRED FUNDS BETWEEN BANK ACCOUNTS

REMOTE CHECK DEPOSIT USING MOBILE DEVICE

PERSON-TO-PERSON PAYMENT USING BANK'S MOBILE APP

49%

46% 22% 12%

34% 16% 8%

22% 3%1%

27% 20%

MillennialsGen XBaby boomers

72%74%72%

28%26%28%

Mobile and Online Banking*

Branch/ ATM/ Telephone*

Millennials engage in 2X more mobile transactions than Gen X or baby boomers

of consumer interactionswith their bank are digital

2 DIGITAL

3 PAYMENTS

Digital payment options have gained

importance year over yearacross all age groups

Increase

Source: The FIS Performance Against CustomerExpectations (PACE) Report, 2017Learn more at www.fisglobal.com/closethegaps.

* Transactionsmade in thelast 30 days