Camera capture is a point of interest for millennials

In 2013, millennials were declared more diverse and impactful than any of their generational counterparts by the White House Council of Economic Advisors. Now recognized as the biggest generation in American history, it would behoove credit unions to follow their lead.

It’s no secret that millennials love their smart phones, but a new study found their most recent interest lies with their camera. Mobile capture was projected to be a major part of all payment transactions in the next five years by more than 80 percent of a polled group, in a report released by Mitek and Zogby Analytics.

The good news is that credit unions may be able to implement this before larger financial institutions.

The desire for cuttingedge technology 
The 2014 Mitek Millennials report found smartphones to be potential “commerce disrupters.” The 2015 report found not only mobile preferences accelerating, but also a desire for digitization of all commerce. This becomes increasingly important when considering 42 percent of respondents said they have made a decision on where to spend their money, or switched companies, based on what the business allowed its users to accomplish with a mobile account.

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