This isn’t exactly breaking news, but the mobile technology boom has changed everything. It’s changed how we shop, how we bank, and even how we hang out with friends (Facetime ya later, bro!)
As a millennial, I can attest that there’s no generation that has this science down to a, well, science better than Gen Y. Now for some stats!
5% of millennials are at least somewhat reliant on a mobile banking app to interact with their bank for tasks such as depositing or sending checks, checking their balance, and paying bills according to a recent study.
This seems like somewhat of a no-brainer, but the power of convenience and control often goes overlooked. Within mobile interactions, there are multiple avenues in which banks can increase their influence and exposure, including text messages and push notifications. Take FirstMerit Bank’s text banking and alerts for example: it allows their customers to request activity alerts for different aspects of their account right from their phone.
85% of young people save some money – over half say they are saving “because they want to ‘be responsible.’”
Generation Y’s desire to save is changing because unlike generations before them, millennials’ main focus isn’t buying a home. A generation that is weighed down by student debt is now attempting to compensate for the financial risk they took on their education. According to data gathered by Facebook, young people are two and a half times more likely to trust automated investment strategies. This combination of feel-good and hands-off mentalities is vital for the growth of automated and mobile banking.
79% of people consider their banking relationship to be transactional – up almost 10% since 2014.
Millennials understand that the best financial advice doesn’t necessarily come from an in-branch advisor anymore. Thanks to the internet, there is an unlimited amount of reputable resources at their fingertips. Not to mention personal finance apps like Mint that help them interpret money differently. Although this statistic isn’t millennial-specific, it’s telling of how generations other than Gen Y are adapting to the save-it-yourself mentality as well.
So whether you’re in a plane, train or automobile, mobile banking allows anywhere to act as the local branch of your bank, and that’s why its importance will only continue to grow. Take it from a millennial marketer.
-Your financial-savvy friends at Brokaw.