PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Mobile banking has become an important pillar of success to financial institutions, and even more important to your members. In today’s banking climate, Millennials are the most sought after demographic, and it’s no news that they have entered the game with expectations on mobile banking. Millennials are leading the change towards paperless banking and as the largest generation (85-90 million people), this demand should be taken seriously. Americanbanker.com states that 92% of Millennials choose a bank based on its digital services. Here are three things Millennials will expect from your mobile banking app and how you can capture their membership?
1. Convenient Transfers and Payments. Common traits attributed to Millennials include high maintenance and highly educated. They also place value on convenience… For a generation that has little patience for gimmicks or nonsense, convenience is key. Millennials expect mobile transfers and payments to be reliable, easy-to-use and quick to process. This generation doesn’t carry around a checkbook, and they want to be able to move their money on their own terms, even if that means doing so while watching the latest Netflix revival in bed on a Sunday
2. Mobile Loan Applications. Generally, Millennials are distrustful of big box corporations, always searching for alternatives. Community banks and credit unions must pay close attention to what Millennials expect when applying for loans if they wish to obtain their business. Millennials want the ability to conveniently apply for loans on a safe and secure mobile lending app. They expect their digital banking to provide them with electronic mobile signatures for loan documents, mobile loan applications, and the ability to make automatic payments. Millennials do not want to do the run-around when trying to make life-changing purchases and expect their financial institution to provide them with mobile lending products and other complementary tools.
3. Remote Deposit Capture. Remote deposit capture gives members the ability to scan checks using their mobile banking app and process a transaction by submitting the check images. Millennials are the least likely demographic to visit a teller to make small deposits or move their money around. Remember, mobile check deposits have become standard to Millennials since this technology has been around before they started handling their own money. It’s familiar, not new, which makes it that much more important to them.
Whether you love or hate them, Millennial expectations must be met in order for your financial institution to remain successful.