Keeping millennials hooked on cash

Contrary to popular belief, millennials are fairly heavy cashMoney in physical form such as banknotes and coins. More users, particularly in the United States, according to a Federal Reserve study. And to manage their finances, they have a preference for ATMs and online banking instead of branch visits. Data shows that ATMs are still a central part of banking transactions, even for younger consumers. Yet, to maintain cash machines competitive, PaymentsSource offers a number of easy fixes based on observed data.

For example, 46% of millennials switched banks due to ATM surcharge fees sending a signal that financial institutions should seriously consider joining surcharge-free networks and offer their customers free access to their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. This data could also benefit the UK in the current debate about LINK and their plan to lower fees paid by banks to run ATMs – a drop in costs that will inevitably affect the final user: consumers.

Furthermore, millennials have proven to be much more loyal to brands if these are capable of telling a compelling story while offering affordable and quality services. A great way to gain visibility is to provide branded ATMs at local events known to attract this age group.

In an age where an almost dizzying amount of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More tools are available, banks should consider promoting all the services that are available to them, particularly when these respond to the needs of their existing customers or lead to overall customer loyalty. 

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