Instrumented Interconnecteds Intelligent
March, 24th 2015

Posted by

Post feed

RSS 2.0

Kirill Korniliev, General Manager, IBM East Europe/Asia (Russia & CIS)

Kirill Korniliev, General Manager, IBM East Europe/Asia (Russia & CIS)

By Kirill Korniliev

Financial institutions are beginning to fully grasp the banking habits of millennials and are rethinking their customer experience to better engage with a generation that uses their smartphones for everything – the first true digital natives.

Millennials do have financial needs, but their goals are altered by the cultural shifts of their generation – more social, more eco-sensitive, and maybe less focused on accumulating wealth.

Their goals include experiences and contributions as much or more than mortgages and financial planning. They haven’t had time for long standing financial relationships. And when it comes to technology, mobility and convenience, millennials have high expectations that financial institutions will need to fulfill if they hope to maintain relevance with this target market and capture a huge market opportunity. 

They care about what peers are doing, they want choices rather than developing loyalty, and they will trust non-banks and start-ups offering new services.

Armed with this knowledge, financial institutions must do more than simply provide a basic mobile app in order to engage with this generation. Unfortunately, many institutions started with a mobile banking experience that resembles a shrunken version of a transactional online experience.

With mobile as the cornerstone for building banking relationships with millennials, financial institutions need to focus on developing a mobile strategy that meets the high expectations for convenience and simplicity with a social, fresh experience.

What are the prerequisites for a millennial-friendly banking experience?

  • First, speed and simplicity are required because clients’ attention continues to decrease.
  • Second, tech innovation that keeps in touch with the speed of change is important. New features and improving networks have delivered better apps in every industry, and banking expectations can be no different. These apps need to be current, in the same way phone apps and phones themselves change. Updates can’t come at three-year intervals.
  • Third, millennials need education. This generation likes to learn – online and in real-time. They typically don’t read the manuals – they learn while using. Apps need to be integrated with usability, and gaming or virtual education, all of which are valid options for learning to borrow, save, and invest.
  • A final prerequisite is security. Millennials demand protection and security. While they may share personal details that shock their parents, they value protection for their money but want convenience and speed. They will be early adopters of biometrics and mobile-integrated security. Far from painful, security could and should become a positive differentiator for this generation.

Like every new generation, millennials may not be the most profitable customers but their numbers and long-term relationships are important. A mobility-first strategy – from the front end experience to the back office processes and security – is key to winning this set of customers.

And, by the way, convenience, innovation, ease of use and security are good for every generation of financial services customer.

In short, investments made in mobile millennials can be leveraged across the digital bank for years to come.

Bookmark and Share

Previous post

Next post

September 19, 2016
6:56 am

good Before going to any of these sites, we suggest you have got a popup blocker. If you have got Google Stainless- set up, I suggest applying Popup Blocker Pro. nice.

Posted by: NFL Streaming
July 25, 2016
5:58 am

good ZEDGE App is definitely a free of charge Personalisation android app. The plan ZEDGE for Google android is definitely produced by Zedge. nice.

Posted by: Recolor apk
July 25, 2016
3:55 am

good This technique is definitely faster than above technique. Before heading to start out this technique, initial you need Wattpad APK. nice.

Posted by: Cloud TV
July 18, 2016
6:52 am

good End up being mindful when you make an effort to capture it, or it might work aside! Likewise appear for Poke Puts a stop to located at interesting areas, many of these as open public fine art installation, nice.

Posted by: pokemongodownloadi
June 27, 2016
3:58 am

Nice Post

Posted by: Bank ifsc code India
June 19, 2016
6:50 am

good She button snaps everything from youngster birthday gatherings to travels to the shore, and she is in love with to present off her two French bulldogs, Peaches and Love, who happen to be quite possibly the cutest puppies ever before.nice.

Posted by: visit this website
June 12, 2016
6:06 am

bagus infonya

Posted by: kredit mobil honda semarang
June 10, 2016
7:18 am

Really good

Posted by: Alice Ngigi
June 10, 2016
7:11 am

Great blog. Keep it up.

Posted by: Alice Ngigi
June 10, 2016
7:09 am

A Perfect article..

Posted by: Alice Ngigi
June 10, 2016
6:03 am

Great internet site!

Posted by: Alice Ngigi
June 10, 2016
6:02 am

Very Interesting and useful

Posted by: Alice Ngigi
June 10, 2016
6:02 am

It looks really good!

Posted by: Alice Ngigi
June 10, 2016
6:01 am

Thank you much for sharing this post

Posted by: Alice Ngigi
March 25, 2016
4:31 am

good I am hoping the program was downloaded by you from over link.Download Mobdro APK latest variant from preceding link and begin setup.nice.

Posted by: Mobdro APK
March 23, 2016
7:38 am

mobogenie for pc

Posted by: mobogenie pc
March 23, 2016
7:36 am

snapchat pc

Posted by: snapchat pc
March 18, 2016
11:30 am

Some of the most vexing items to new Snapchat users is the best way to obtain these lenses.

Posted by: All Snapchat Trophies
March 5, 2016
10:14 am


Posted by: imo for pc
November 3, 2015
5:01 am

Banking is hard work

Posted by: درب ضد سرقت
November 1, 2015
6:22 am


Posted by: تست جوش
Post a Comment