Banks that are looking to appeal to the 'millennial generation' of people aged between 18 and 30 need to look to new technology, a survey has found.
Research for Microsoft from Javelin Strategy has found that most people in this age group prefer to conduct basic banking transactions online.
Just under three quarters of respondents check their balances online, with 70 per cent paying bills via the internet and many suggesting an openness to instant messaging in banking.
However, new accounts and other complex transactions such as applying for loans are still done in person by more than half of respondents.
Rich Feldmann, US banking industry solutions director at Microsoft, said: "In this difficult economic time, banks are understandably eager to attract and retain new customers, particularly the estimated 80 million tech-savvy Millennials who have entered or are soon to enter the work force.
"This survey shows banks need to consider a wide variety of channels to reach these tech-savvy millennial consumers, and ultimately drive seamless integration across the Web, branches and phone."
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