Recently we released the results from our global survey of more than 700 millennials about their mobile banking experiences. 92% of respondents confirmed they use their devices for mobile banking more than other services including on-line shopping. In addition, many also revealed key complaints that need to be addressed in order to satisfy this crowd (and win their business). When mobile functionality misses the mark with the millennials, the ultimate outcome is abandonment of the transaction, including account openings.
To keep up with the momentum of today’s millennial buying power, banks must examine where technology gaps exist and quickly close them. Banks are being asked to look beyond the traditional security solutions like passwords and in-person identity verification. The landscape is shifting toward frictionless verifications in a digital and mobile marketplace. The call is: “protect customers from fraudulent account access by creating new ways to validate identity that make the customer experience more seamless, not more complex.”
With millennial buying power expected to reach $1.4 trillion by 2020, it is critical that banks and financial institutions address these gaps and concerns.
The survey sheds light on which significant issues need to be addressed by the banking institutions as well as the needs and desires of the millennial customer base. Download Jumio’s 2016 Global Survey of Millennials on Mobile Banking, full of insights and directly applicable information today.