Banks are worried about the millennial generation, and rightly so. The generation born between 1980 and 1994 is the largest of any American generation ever — 79 million, compared to 76 million baby boomers. But how different are millennials? Won’t they grow into the customers banks already know?

Probably not, says recent research compiled by the Fair Isaac Corporation at the end of 2014 and released this week. Here are some of the numbers that show the game is truly changing, and the threat banks face in some of their most fundamental products:

• 52% of millennials use or are considering using nontradititonal payments companies such as PayPal or Venmo. That’s twice the percentage of those 50 and older with the same outlook.
• 32% of millennials use or are likely to use mobile payments such as Apple Pay and Google Wallet in the next 12 months. For those over 50, the number is just 8%.
• 23% of millennials use or are likely to use peer-to-peer lenders, compared with 2% of those over 50.

Further, 43% of millennials don’t think their bank communicates with them through their preferred communication channels. Those channels, according to the Fico survey, are, in order of preference:

1. Email
2. Test message (SMS)
3. Bank website
4. Mobile app

Millennials are more digitally focused than previous generations, the survey concludes, but digital engagement is increasing across every generation. “Banks must continue to build upon and innovate via digital channels, leveraging automated communication technology to personalize and enhance these interactions.” Yes, we knew that, but reinforcing the message doesn’t hurt.

Learn about mobile banking and millennials at Bank Innovation 2015 on March 2-3 in Seattle. Request your invitation here.