CSI Consumer Survey Uncovers Multiple Differences on Banking Preferences Among Millennials, Gen Xers and Baby Boomers

PADUCAH, Ky.–(BUSINESS WIRE)–While older generations expect their financial institution to understand
their banking needs, Millennials—or individuals between the ages of 18
and 34—are less demanding that their financial needs be understood,
according to a recent consumer survey by Computer
Services, Inc.

Conducted by Harris Poll on behalf of CSI, a provider of financial
technology solutions, the survey ran online May 9-11, 2016, and
represents feedback from nearly 2,100 adults ages 18 and older about
their banking wants and needs. According to the results, while older
generations expressed that it’s important that their financial
institution understands their financial needs and provides products and
services to help them meet their financial objectives, Millennials were
the least likely to find this aspect of the banking relationship
important, with 84% of them indicating so compared to 88% of Gen Xers
(ages 35-54) and 91% of Baby Boomers (ages 55 and older).

Interestingly, Millennials also stand out as being slightly less
satisfied with their financial institution’s digital
offerings (82% of Millennials compared to 91% of those aged
65+). Because of this, they have often turned their attention to
non-bank financial technology companies.

“One reason for these non-bank companies’ success is that they’ve been
able to deliver the digital experiences that Millennials expect, which
supplants their desire for a more ‘traditional’ bank relationship,” said
Steve Powless, CSI’s chief executive officer. “Yet banks are still able
to provide the digital banking solutions these younger consumers demand.
The challenge is proving to those consumers in their 20s and early 30s
that banks can offer seamless, relevant online and mobile
banking solutions

Unsurprisingly, Millennials indicated they are one of the generations
most likely to use cutting-edge financial technology options. Over two
in five (43%) consumers age 18-34 plan to use a mobile wallet
application within the next six months. This is significantly higher
than consumers in the 45-54 (27%), 55-64 (22%) and 65+ (13%) age ranges.
What’s more, Millennials seem to be one of the most receptive
generations when it comes to banking with an online-only institution,
with 26% strongly agreeing that it’s an option they would consider if
they offered products and services that met their needs.

“Ultimately, the key to growing business among Millennials is the same
as with any generation: offer services that provide the tools they need
to manage their finances in ways that meet the demands of their
lifestyle,” Powless said. “For Millennials, this means focusing more
closely on mobile
banking platforms
that deliver integrated experiences across
platforms while offering the latest digital payments options like mobile
wallet participation.”

The survey offered additional insight shared by U.S. adults related to
their banking preferences. A detailed report of the survey findings will
be available mid-August via www.csiweb.com.

Survey Methodology

This survey was conducted online within the United States by Harris Poll
on behalf of CSI from May 9-11, 2016, among 2,095 adults ages 18 and
older. This online survey is not based on a probability sample and
therefore no estimate of theoretical sampling error can be calculated.
For complete survey methodology, including weighting variables, please
contact Brandon Dyce, CSI communications director at brandon.dyce@csiweb.com.

About The Harris Poll

Over the last 5 decades, Harris Polls have become media staples. With
comprehensive experience and precise technique in public opinion
polling, along with a proven track record of uncovering consumers’
motivations and behaviors, The Harris Poll has gained strong brand
recognition around the world. The Harris Poll offers a diverse portfolio
of proprietary client solutions to transform relevant insights into
actionable foresight for a wide range of industries including health
care, technology, public affairs, energy and telecommunications.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing, print and
electronic distribution, and regulatory compliance solutions to
financial institutions and corporate customers across the nation.
Exceptional service, dynamic solutions and superior results are the
foundation of CSI’s reputation and have resulted in the company’s
inclusion in such top industry-wide rankings as the FinTech 100, Talkin’
Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List.
CSI’s stock is traded on OTCQX under the symbol CSVI. For more
information about CSI, visit www.csiweb.com.


Brandon Dyce, 615-545-1675
Stephen Sprayberry,
Haleigh Tomasek, 678-781-7208