Millennials in the US are changing the way retail banks do business.

How prepared are you?

Take our 5 question quiz to test your knowledge. Then download FICO's Millennial research to gain insights into this key demographic group and how they want to interact with their bank.

 
 
 
 
 
 
 
 
 

Question 1

How large is the Millennial Generation (in millions)?

59M
69M
79M
89M
Correct! According to the US Census, the Millennial Generation overtook the Baby Boom Generation in 2010, and are 79M strong vs. 76M for the Boomers.
Incorrect! According to the US Census, the Millennial Generation overtook the Baby Boom Generation in 2010, and are 79M strong vs. 76M for the Boomers.
 
 
 
 
 
 
 
 
 
 

Question 2

How much more likely are Millennials to use peer-to-peer lending than Generation X?

Less Likely
The Same
3x
5x
Correct! FICO's research showed that 23% of Millennials stated they were very likely to use peer-to-peer lenders compared to 8% for Generation X and only 2% for Boomers.
Incorrect! FICO's research showed that 23% of Millennials stated they were very likely to use peer-to-peer lenders compared to 8% for Generation X and only 2% for Boomers.
 
 
 
 
 
 
 
 
 
 

Question 3

How do Millennials prefer to check their bank balances?

Bank Mobile App
Bank Website
ATM
In Branch
Correct! Around 70% of Millennials prefer to check their bank balance on the bank's website. Only about 40% prefer to do that with the bank's mobile app. That said, Millennials prefer to check balances using their bank's mobile app nearly 2x Generation X and 6X Boomers. (Note: multiple responses were possible).
Incorrect! Around 70% of Millennials prefer to check their bank balance on the bank's website. Only about 40% prefer to do that with the bank's mobile app. That said, Millennials prefer to check balances using their bank's mobile app nearly 2x Generation X and 6X Boomers. (Note: multiple responses were possible).
 
 
 
 
 
 
 
 
 
 

Question 4

How do Millennials prefer to receive bill pay reminders?

Phone
E-mail
Text Message
Mobile App Notification
Correct! E-mail is still Millennials’ preferred way to receive bill pay reminder notifications. Nearly 40% prefer e-mail compared to about 20% for text messages.
Incorrect! E-mail is still Millennials’ preferred way to receive bill pay reminder notifications. Nearly 40% prefer e-mail compared to about 20% for text messages.
 
 
 
 
 
 
 
 
 
 

Question 5

How frequently do Millennials use their bank's mobile app?

Once a day or more
A few times a week
Once a week
2-3 times a month
Correct! Most Millennials use a banking app a few times each week. Younger Millennials 18-24 are nearly 2x more likely to use the app once a day or more, compared to older Millennials 25-34.
Incorrect! Most Millennials use a banking app a few times each week. Younger Millennials 18-24 are nearly 2x more likely to use the app once a day or more, compared to older Millennials 25-34.
 
 
 
 
 
 
 
 
 
 

Congratulations!

You scored 5 out of 5 and are a Mobile Expert
Expand your knowledge by downloading the full report!
Sign Up and Download

Enter your information to receive free ebook.