Over the last 2 months we’ve explored a lot around the future of banking, including how changing consumer habits are signaling the end of the high street bank, why young people are so concerned about mbanking security, what banks can learn from providing a quality mobile service from Nike, Apple and Samsung; and of course how the young adults of Brazil, Mexico, Singapore, UK and USA view mobile banking.
Our Generation mBanking research shows overwhelmingly that smartphones and tablets are a core part of the lives of young people around the world. Banking via these devices is increasingly seen by young people as an essential services, but they demand security and good services, despite sometimes putting themselves at risk.
What key five things should banks take with them from this as they look to the future?
- Don’t ignore mobile – Mobile banking is here to stay – two thirds of young people are using these services already and a quarter see them as “essential”. If you fail to respond to this demand, then you’ll soon get left behind.
- Build out your feature set – A mobile banking app needs to be more than just checking your balance. Whether it’s applying for a credit card, making international transfers or paying bills, you need an app that will support your young customers in whatever task they want to achieve.
- Make the experience the best it can be – Young people don’t have the patience to preserver with banking apps or services that are hard to use. They have come to expect mobile experiences that are innovative, seamless and easy to understand, and they won’t hang around for long if you can’t provide them.
- Don’t let security issues damage their trust – Banks need to make security of mobile services a priority, since many young people will jump ship to a competitor if they think they’re at risk.
- Make them aware of the risks too – A high percentage of young people would happily use mobile banking services over unprotected public Wi-Fi, showing that they’re not necessarily aware of how to protect themselves. Education and awareness around these issues will be invaluable and encourage loyalty.
The rise of mobile is a rapidly accelerating, unstoppable force. It’s in every country in the world, both developed and developing, and it’s not going aware. This generation demands innovation, quality and security in mobile, and if you don’t give it to them, they’ll find another provider who can.
For more information read our Generation mBanking report here:
