Mobile Banking Features Help Big Banks Dominate Amongst Millennials

A 2019 survey by Cornerstone Advisors found that 44 percent of millennials banked with Bank of America, JPMorgan Chase and Wells Fargo; the main driver behind this trend is mobile banking features which big banks have more of than their smaller and digital competitors; the top four banks in the U.S. offer 16 of the 18 value add banking features, banks in the $50bn to $1tn range offer 10 features and the banks in the $10bn to $50bn range offer 7 features; small banks are trying to figure out ways to fight back so they do not lose customer share to big banks but this would force them to rely on a host of vendors and partners; APIs could help to ease the pain as many services offered can be connected through and API; focusing on a specific segment of customer can also help smaller banks to service their core clients better and also keep from losing them; big banks own a lot of advantages over competitors and that has only continued to increase in recent years; APIs could level the playing field but small banks might be too late by the time they get connected. Forbes

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.