Nice Statistics on millenials, think this differentiation not only applies to Lending
Banks are worried about the millennial generation, and rightly so. The generation born between 1980 and 1994 is the largest of any American generation ever — 79 million, compared to 76 million baby boomers. But how different are millennials? Won’t they grow into the customers banks already know? Here are some of the numbers that show the game is truly changing: 52% of millennials use or are considering using nontradititonal payments companies such as PayPal or Venmo. That’s twice the percentage of those 50 and older with the same outlook. 32% of millennials use or are likely to use mobile payments such as Apple Pay and Google Wallet in the next 12 months. For those over 50, the number is just 8%. 23% of millennials use or are likely to use peer-to-peer lenders, compared with 2% of those over 50.