Financial Mobile Apps in the Era of Millennials

On December 2, 2016

Financial Mobile Apps in the Era of Millennials

We are approaching an era where our generations to come will wonder aloud as to what a chequebook is or what that folded leather thing was? It is just a peek into how banks, lenders and credit unions must change the game and turnaround to stay on top of the disruption the industry is/will go through. The demand for transaction-based apps is clearly diminishing as the digital consumer is now looking for mobile apps to provide value that makes life easier, saves time and/or money, is contextual and potentially engaging. Unfortunately, most banks seem to want to stuff their mobile app with the a la carte selection that is found with their online offering. Millennials already represent a substantial and growing market for the financial services industry, and it’s only a question of time before they supplant boomers and, later, Generation X as banking’s most sought-after consumers. The world of financial services is undergoing an incredible transformation. One of the biggest factors influencing this transformation is the continued proliferation and everyday use of mobile technology.

While developing mobile apps for the financial services industry, it is worth investing time and money to understand the mobile app usage of the end customer, both existing and potential. Mobile-only users have very different needs to ‘mobile-sometimes’ consumers in terms of expectations. It is important to realise that the mobile apps are not just used for transferring money or performing operations such as asking for cheque books or PINs. For all financial institutions that wish to remain competitive, it is crucial to provide mobile customers with welcoming and easy-to-use apps that are free of unreasonable limits, restrictions, or fees. Instead of focusing on areas where an organization meets or exceeds expectation, a bank or credit union trying to improve mobile adoption must aim at providing services that are different from the generic ones. While most financial mobile apps aim at just glorifying the bill pay or transfer money option, organizations must also focus on value add services like optimizing the app for onboarding process, loan or credit card originations, referrals and financial calculators that help plan finances and calculate monthly instalments etc

Organizations must explore innovative new ways of delivering delightful experiences to consumers via mobile technology. Animated and user friendly mobile banking apps enable consumers to monitor their own financial health as well as empower organizations to have all facilities at the tip of a customer’s finger. The mobile apps can also be used to teach consumers about new financial concepts and play more of an educational role in the customer acquisition process.

In the end, the institutions that win at mobile will be those that understand their customers, adapt quickly, and deliver a high quality, comprehensive experience in a time frame considerably shorter than has traditionally been considered acceptable.

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