Millennials banking differently thanks to smartphones
The Millennial generation does everything with a snapshot – from clicking a picture for mobile or online purchases to doing their everyday banking. Financial institutions are responding by leveraging mobile camera functionality to simplify account opening, depositing checks, paying bills and more.
With an estimated population of 86 million people, the millennial generation is seven percent larger than the baby-boomer generation – and their influence is growing as their spending power increases. Banks and credit unions are beginning to see Millennials as an important demographic to capture. And, if they can capture Millennials now, financial institutions will be able to build long-lasting relationships for the future.
However, Millennials are unlike any generation that has come before them. Technologically savvy, even the oldest Millennials came of age with the Internet, and the youngest Millennials are digital natives who can’t even remember a time when mobile phones didn’t have cameras.
When it comes to technology, mobility and convenience, Millennials have unique expectations that financial institutions will need to fulfill if they hope to maintain relevance to this target market.
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