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The banking industry has another obstacle on its hands, and it's not about bad loans or interest rates.
This one comes from the catchall challenge: millennials.
To that point, 60% of bank executives and board members responding to the Bank Director 2015 Growth Strategy Survey worry their bank might not have the right products and services to serve millennials. The technology gap goes deeper because 70% of survey respondents report they don't use their bank's mobile channel. Even fewer, the survey adds, use newer services, such as Apple Pay.
Technology firm CDW sponsored the survey. Respondents include CEOs, independent directors and senior executives of U.S. banks with more than $250 million in assets.
Other findings from the survey include:
Apple, at 40%, is the nonbank competitor respondents worry about the most;
Nearly half, 45%, of respondents indicate their board discusses technology at every meeting, and almost half say their board has at least one member with a background or expertise in technology;
A solid majority of bankers, 85%, say commercial real estate loans are the primary driver of profitability. Commercial and industrial lending, at 56%, is next, and residential mortgages is third, at 45%.
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