How digital are Swiss millennials? We conducted a survey of 1,000 banking customers aged 18 to 45 years. The survey revealed that four-fifths use digital banking and around 43% use their smartphones for to access their online banking. The topic of Open Banking also aroused interest among those surveyed, and seems to be developing into a market with potential.
Antoni Trenchev, an expert on crypto currencies, recently cited decentralization and innovation as outstanding locational advantages for Switzerland: “According to the World Intellectual Property Organization (WIPO), which compiles an innovation index based on infrastructure, human capital and institutions, the country was first in the world with its innovation program for seven consecutive years in 2017.”
This is also illustrated by the number of patents filed per million inhabitants, which is significantly higher than in all other European countries.
Switzerland is one of the world’s leading FinTech locations and has a modern banking landscape that already cooperates with FinTechs to a large extent. Customers are correspondingly familiar with digital applications, as our latest survey of Swiss banking customers aged 18 to 45 years has shown. 80 % already carry out their everyday banking, either in combination with more traditional banking methods, or completely digital. More than a quarter (27.3%) sees quick access to online banking as the most important criteria when choosing a bank. The number of those who prefer mobile banking to desktop banking is around 43% overall, with the German-speaking Swiss (58%) being more attached to “traditional” digital banking than the French-speaking Swiss (43%).
Convenience: Potential for Open Banking
More than 40% of those surveyed would like to have one banking app which allows them to access all financial services across all providers. With the CREALOGIX Mobile Application Platform, which orchestrates the banks own applications, as well as third-party apps and bundles them within a secure banking environment. Financial institutions can seamlessly move into Open Banking and exploit this growing potential. Ultimately, it is clear that millennials are demanding and attach importance to a comprehensive digital offering. At the same time, they are extremely price-sensitive. Banks are therefore well advised to position themselves with Open Banking at an early stage and to retain customers through flexible and cost-efficient offers within an open ecosystem instead of allowing these systems to develop alongside them.
Dive deeper into the banking habits of millennials and their expectations and download the entire survey report for free!