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Millennials taking on old purchasing habits and new banking practices

The digital era has ushered in new shopping and banking practices, especially with the millennial generation. Tech- and Internet-savvy young adults are turning to their mobile devices to purchase products and manage their bank accounts, according to recent surveys. A majority of those using mobile banking solutions are said to be young consumers as many rely on their smartphones to manage accounts. On the other hand, young shoppers are also said to be looking for good deals and utilizing coupons, online promotions and other types of deals to get the best price they can.

While purchasing habits have changed, millennials still rely on print coupons, according to a survey by Valassis. Retailers can offer additional print coupons and other promotional deals that will grab shoppers' interests. Banking trends, however, have adjusted to the mobile craze. But while technology can greatly assist people, that doesn't mean financial institutions should let personal service slip by the wayside. Banks and credit unions can still offer coin counting machines, in-person customer service and other traditional bank services, and the focus should be on offering great member experiences no matter how the person chooses to manage accounts.

October 4, 2013