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Millennials and Gen-Z embrace digital banking and “mobile-first” payment mindset. Could that be a problem?

Fintech Futures

Looking at the recently released 2024 Cardholder Dispute Index, commissioned by Chargebacks911 in partnership with The Strawhecker Group (TSG), we see that banking customers under the age of 35 prefer managing their finances through a mobile app. This is highlighted when we compare them to customers aged 55 or over; younger users prefer mobile banking by a three-to-one margin, compared to older users. Nearly 72% of all consumers under the age of 35 prefer the app, compared to only a quarter (24%) of those aged 55 or over.

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