Only 1 percent of respondents currently use peer-to-peer lending services like LendingClub and Prosper, which match individual lenders with borrowers. However, 23 percent of Millennials said they will consider peer-to-peer lending services this year. The survey found that Millennials are 10 times more likely to consider peer-to-peer lending services than Baby Boomers, and twice more likely than Generation X.
"We already know that Millennials are inclined to conduct common banking activities through the digital channel," said David Vonk, who leads the North American banking practice at FICO. "While alternative banking may still be in its infancy, it has the potential to grow rapidly, especially as the Millennial generation enters its prime and pushes these services to the forefront of its banking agenda."
The online survey of 908 U.S. banking customers was conducted in August 2014.
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