The Industry Standard- Members of the “Millennial generation”—those aged 18-30—prefer to conduct their banking online rather than in a bank branch, according to a Microsoft-sponsored survey conducted by Javelin Strategy. According to the results, Millennials go online for most basic banking transactions such as checking account balances (74 percent) or paying bills (70 percent).

But this doesn’t mean young adults are dropping face-to-face interaction with banks altogether. For more complex transactions—opening a new account (57 percent) and applying for a loan (52 percent)—Millennials prefer to operate in person.

Still, the results suggest a significant portion of this demographic group are completing complex transactions without walking down to a bank. I also wondered if those applying for loans online have any less of a success rate in obtaining a loan than those who look a bank official in the eye, or deal with the branch manager in person if something goes wrong. Read Full Article