Even having a mobile site is not enough for today’s Millennial generation. Recent research has shown that having a basic digital site is considered expected.
Its not just the Millennials that are expecting greater functionality on digital sites 66% of 35-54 years old and nearly half of 55 year old plus expected there be mobile digital functionality when choosing a financial institution.
A recent report produced by Bankvue and reported in The Paypers showed that digital banking particularly on mobiles was essential in attracting business from prospective customers. This research only reinforces previous research which suggests strongly people prefer digital banking solutions as opposed to other options now available to them.
Mobile digital is now a critical component of the decision making of consumers, not only in the millennial category, but also strongly of other demographic segments. Brand image is also another important component of whom Millennials bank with on a day to day basis. Branding is considered very important for Millennials, with other demographic brackets demonstrating less interest in brand with whom they bank.
However it is simply not enough to have mobile digital, Millennials are increasingly demanding rewards for use and interestingly customised personalised advice. This combined with cash back options for banking were likely to sway Millennial customers more than other factors taken individually.