Youngsters say “no” to digital checking accounts

Recent study conducted by BankChoice Monitor came up with some interesting results concerning the use of electronic checking accounts. Those clearly show that people between 30 and 39 years age are more comfortable and using electronic checking accounts more compared to those aged 29 or less. Even the group aged over 50 are more likely to use e-checking accounts. In the modern era of computers and internet where almost everything is being done online this is a bit surprising.

The banks are trying to make e-checking accounts their primary option when it comes to saving accounts (and spending connected to them). Doing most things concerning checking accounts (all transaction reports and statements) in electronic form reduce banks costs so it’s no wonder there is a need to make this way of doing business concerning them more popular from the banks point of view.

There is no clear answer on how to approach younger people connected to their checking accounts, mobile banking and ATMs are definitely being used more often by those aged 30 and over, there may be some answers in their earnings and ways they deposit or spend money but it seems that banks will have to come up with some new ideas if they want to attract more attention of youngsters.

Some other interesting facts may be used to plan banks approach to under 29 age group. There is clear indication than those who use all the advantages of e-checking accounts can deposit more than 2000 dollars (almost 30%) per month in their accounts. There is also clear indication that people who are using their e-checking accounts more often spend between 100 and 200 thousands of dollars per year (20% of checking accounts owners over 30 are comfortable with using all advantages of e-checking accounts). There is another indication which shows that women are using their e-checking accounts more often (52% of users are females), this may not be the best factor to use but can still be considered when planning banks approach to youngsters.

Banks still haven’t decided how to increase usage of all of e-checking accounts advantages but one way they could go is to decrease the number of fees there are connected to them. According to WalletHub’s study there are more than 30 fees banks have attached to e-checking accounts. Maybe “losing” some of those or at least lowering them could make youngsters use their electronic checking account more often.