What Millennials Want from Their Banking Technology
Millennials play a large part in how financial institutions view their technology priorities. This is a generation that is not afraid to make demands of their banks and credit unions. After all, if millennials find that their financial institution isn’t up to par, they’ll be able to find a fintech alternative that is. Millennials prefer digital accessibility, and this means paperless processes and automated services. Above all, millennials expect technology to make their lives easier. When it comes to banking, this means greater transparency, personalized digital experiences, the ability to access services without visiting a branch and instant decisions anytime, any day.
To meet this tall order, credit unions are recognizing what matters most to their millennial members. Millennials prioritize security and convenience. Unfortunately, the two concepts often clash: the more secure something is, the more inconvenient it is as well. Finding a happy compromise is now the focus of technology leaders.
Problems can happen right at the onboarding of a new member. Long sign-up times can deter millennials. In fact, according to a study from Osterman Research, 72 percent of millennials say they abandon sign-up processes if they take too long. Errors and glitches with the sign-up process will also turn millennials away: 28 percent will seek a competitor with a cleaner process while 32 percent say they’ll resort to driving to a branch - but they won’t be happy about it.
According to a study by BI Intelligence, it’s estimated that nearly 40 percent of millennials don’t visit physical banks, preferring to use mobile or online banking. It’s no secret that millennials have been pushing all industries to consider refocusing on mobile devices as the main point of interaction. Leveraging mobile apps and streamlining mobile tools will be increasingly important for financial institutions in the years to come.
You can read more about mobile banking innovation in this article by CU Solutions Group CEO Dave Adams.
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