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January 27, 2015

FICO Survey: American Millennials Will Step Up Use of Non-Traditional Banking Services This Year

January 27, 2015

32 percent of Millennials expect to use mobile wallets this year, more than half intend to use alternative payment services and 23 percent are considering a peer-to-peer loan

SAN JOSE, Calif.—January 27, 2015 —A comprehensive survey of U.S. bank customers conducted for FICO (NYSE:FICO), the predictive analytics and decision management software company, found that Millennials are embracing alternative banking services in greater numbers than older generations. Twice as many Millennial respondents (32 percent) report that they are likely to use mobile wallet services like Apple Pay or Google Wallet in the next 12 months as those who are 35 and older (16 percent). Additionally, 56 percent of younger Millennials (18-24) report that they are already using or very likely to use alternative payment services like Venmo and PayPal.

The survey asked respondents about their use and projected use of non-traditional banking services, such as mobile wallets, alternative payment services, and peer-to-peer lending. Among all respondents, 18 percent said they intend to use a mobile wallet in the next year, whereas just 5 percent reported that they currently use a mobile wallet. 39 percent expect to use an alternative payment service in the next year; and 21 percent said they currently use alternative payment services.

Only 1 percent of respondents currently use peer-to-peer lending services like LendingClub and Prosper, which match individual lenders with borrowers. However, 23 percent of Millennials said they will consider peer-to-peer lending services this year. The survey found that Millennials are 10 times more likely to consider peer-to-peer lending services than Baby Boomers, and twice more likely than Generation X.

"We already know that Millennials are inclined to conduct common banking activities through the digital channel," said David Vonk, who leads the North American banking practice at FICO. "While alternative banking may still be in its infancy, it has the potential to grow rapidly, especially as the Millennial generation enters its prime and pushes these services to the forefront of its banking agenda."

The online survey of 908 U.S. banking customers was conducted in August 2014.

Über FICO
FICO (NYSE: FICO) ist ein führender Anbieter von Predictive Analytics und Softwarelösungen für Entscheidungsmanagement, das Unternehmen in über 90 Ländern dabei unterstützt, bessere Entscheidungen zu treffen, um Wachstum, Profitabilität und Kundenzufriedenheit zu steigern. Der zukunftsweisende Einsatz von Big Data und mathematischen Algorithmen zur Erstellung von Prognosen zum Kundenverhalten hat ganze Branchen grundlegend gewandelt. Die Analytics-Softwarelösungen und -Tools von FICO werden in den verschiedensten Branchen verwendet, um Risiken und Betrugsfälle zu verringern, profitablere Kundenbeziehungen aufzubauen, Abläufe zu optimieren und strenge regulatorische Vorgaben zu erfüllen. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO-Lösungen integrieren Open-Source-Standards und Cloud Computing, um so maximale Flexibilität und schnelle Bereitstellung zu ermöglichen und Kosten zu reduzieren. Das Unternehmen hilft Millionen von Menschen dabei, ihren persönlichen Kreditstatus zu verwalten. FICO: Make every decision count. Learn more at www.fico.com.

FICO and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

Newsroom-Kontakte

Greg Jawski
Amerika

greg.jawski@porternovelli.com
+1 212-601-8248

Darcy Sullivan
Europa, Naher Osten und Afrika

dsullivan@fico.com
+44 (0) 209-940-8719

Saxon Shirley
Asien-Pazifik

saxonshirley@fico.com
+65 6422-7795

Marisa Arribas
Lateinamerika

marisaarribas@fico.com
+1 786 482 7231

Milla Delfino
América Latina

milladelfino@fico.com
+55 11 97673-6583