Last updated: 24 March 2015
Generation mBanking is a notoriously tough crowd to please. According to Ashridge Business School and the Institute of Leadership and Management, they are academically talented but have very high expectations in all settings. As with other consumers in 2015, they are always connected, opinionated and share it, trust is convenience; and they require immediacy.
According to the latest stats: Apple, Samsung and Nike are delivering all of the above, as Generation M rank them as their favorite brands. It goes without saying that all of these companies have an impeccable mobile offering. So I’ve listed the 3 key things banks can learn from these innovative brands about providing a quality mobile service to the youth market.
- Go above and beyond to impress – Apple doesn’t just offer a couple of new functions when it launches a new iPhone, it goes above and beyond to consider what additional things users might find useful – second guessing their needs. E.g. including a barometer to better help location tracking and provide more accurate weather data on the iPhone 6. Banks should follow the same tactic when developing or upgrading their mBanking offering. Particularly as our research suggests that those interacting with mobile banking apps are not just using basic features like checking their balance before they make a purchase: they are embarking on a wide range of advanced tasks.
- Invest in good design – Samsung’s Android team and Apple both have a rigorous testing process before apps are allowed in their respective stores. Both companies also invest heavily to ensure their own applications are at the forefront of user experience, because they understand that people are impatient. This is amplified even further in young people. When asked how they would respond to an mBanking app that was hard to use, over two thirds (68%) said that they would use the app less.
- A good mobile service is everything – as a bad experience will drive customers away. Young adults who are used to logging in to Amazon to purchase the latest must-have item with just one-click will not tolerate waiting five minutes and going through four different security barriers just to transfer money to a friend. Quality of service and a positive experience is so important to young people, that over a third (37%) said they’d change bank entirely if an app wasn’t up to scratch.
In a world where the pace, quality and intuitive nature of apps has been defined by innovative, agile consumer companies; financial services companies still need to work hard to catch up. With good planning and such a wealth of information, advice and support at their fingertips, there’s no reason why they can’t get there.