Much has been said about the youth these days, especially as it relates to the future of banking. Here’s a confession of the day: I am a millennial, a generation not well known for its patience.

Rather, Gen Y is recognized for its on-demand attitudes, adopting new technology quickly, lacking face-to-face skills and boasting high service expectations. Self-indulgent may be another way to put it. I can’t say I agree with all of these assessments looking at myself and looking at my friends, but one financial services-related trend does seem apparent: Mobile is key to unlocking many millennials’ hearts because of its speed and efficiency. And considering today’s youth are tomorrow’s adults — that demographic is on many banks’ minds. Indeed, Javelin Strategy & Research Inc.’s Gen Y forecast indicates that the group will earn more than any other generations. Specifically, the research group expects Gen Y to be responsible for $8.3 trillion by 2025.

Not surprisingly, the notion of mobile banking as a great way to capture Gen Y’s business surfaced at NACHA’s Payment 2011 conference held last week in Austin, Texas. In short: It’s expected that the rise of mobile banking will chase aging Gen Yers.

“Mobile is not yet explosive because most payments are dominated by non-millennial segments,” Debbie Bianucci, president and chief executive of BAI, said during a presentation. “As time goes on, that’s where you will see the future.”

Women Power

Equally interesting is the fact that the financial futures of Gen Y may lie heavier with the female population. Tucked in a future of financial services report released yesterday by Intuit Financial Services was a paragraph on this expected changing paradigm.

From the report:

“The growing role of women is an important component of this generation. Women will continue to dominate Gen Y’s college graduation rates and entry into the professional workforce, expanding their role as users of financial services. Already earning at levels equal to or exceeding Gen Y men, Gen Y females in 2020 will be financial decision makers as businesswomen and consumers.”

To me, that means financial services companies have a whole other challenge ahead of them. Yes, Gen Y means adding more virtual services, stronger support and deeper analytics, but how will a better understanding of the female mind translate to banks’ strategies?