Millennials are aging. Yes, they are — and they’re trying to take good old-fashioned things as banking to a whole another level. They are the largest group of population now in United States — the number is up to 80 millions of people!
Changing the norm in political and social framework, millennials are also trying to change the norm in banking sphere. Let’s take a look back…
Back in the day, our parents used to walk into the bank directly to cash out a check or to pay some debt. Would you imagine al millennial doing that? Oh, hardly we would. They are trying to integrate tech goods into their communication with banks and finances in general. Millennials use their smartphone to check bank account or to close outdated credit card. They do not like seeing too much unfamiliar faces in the bank branches… They prefer apps. And they are game changers of financial sector.
Banks Go App
Yes, they do, because online presence is not enough now. And while within websites banks have provided exactly the same options that their customers have offline, they did not provide the same functionality within the app. According to Gartner, 18% of youngsters prefer mobile applications only. So eventually banks will have to equip their applications with all the options that web mirrors have. To be honest, everything will eventually go mobile, and therefore — go app once.
Supermarket… I mean, Money Market!
This is happening now: with internal love of millennials to having “all-in-one-place”, banks are trying to assure the service that will include everything: checking balances, paying other people, applying for a loan or mortgage, and investing in their future.
Gamification
Finance can be… fun? Well, it’s kind of unexpected thing to come, but handling finances can actually be fun in the hands of millennials. Those who grew up with X-box games know that everything could be fun with gamification implementation. Through gamification, Millennials have been able to boost their credit score or increase the amount of money they have in savings.