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Banks Risk Missing Out on Millennials’ Wealth-Building Needs

Digital tools are helping improve financial inclusion for banks in the United States, and many customers use their mobile phones to manage their bank accounts. The number of U.S. adults who have used a mobile phone to make a payment or transfer funds in the last 12 months increased by 20 points to 54%. The rising number of FinTechs churning out innovative digital financial services also gives consumers options. Three in four U.S. consumers would switch banks if it meant gaining access to safer, more cost-effective digital services.

Social media provides another growing source for personal financial advice, especially TikTok. More younger users are going there instead of their bank for advice on a broad range of financial wellness topics, such as the rising cost of living, the progress of their savings and the state of their budget.

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