BANKING: FUTURES

Some key takeaways reading this:

- A successful savings feature needs to present timely opportunities (messaging, proactive outreach), and effective motivation. Consumers value a service more when a savings component is well-integrated because they understand how much this affects financial health.

 - Consumers are more willing to engage with others who are in similar financial situations.

- Consumers are more willing to share positive financial behaviors rather than negative financial challenges (ex. building credit vs. paying off debt)

- Social components in financial services need to be tailored to integrate social networks successfully.

- Engaging youth as they enter the workforce is an opportune time to present financial services in context. A youth-focus design must be made to sustain engagement. Making financial health social also helps reinforce good behavior.

Webinar was recorded here. 

Some notes I’ve taken from this webinar:

A survey with 700 millennials (age 19-29) showed that 93% use mobile from traditional banks for checking current accounts and 14% for credit cards. 

Traditional banks and financial institutions have the opportunity to reach millennials through mobile banking, especially through account opening process.

93.% of millennials have abandoned a transaction on mobile, whether it’s opening an account, which makes getting the user experience pleasant and quick the first time very important. 

Jumio asks: can millennials be verified in under two minutes? 

Large majority of respondents abandoned a transaction because they couldn’t remember their password. How can the UX be as frictionless as possible while still being secure? Other reasons for abandonment was the difficulty of filing out forms on mobile, authentication was too time consuming, or the process was too complicated/long. 

Conversely, millennials still are concerned about data breaches (93.5%). How do banks ensure mobile security and transparency?

94% want to see digital ID scanning as a way of authentication.

Less concerned about gamification than what they get out of a service. 

Banking card allows you to exchange currencies at interbank rates so that you can bypass foreign exchange fees normally found with traditional banks. 

Transfer money onto your Revolut card and then send it in another currency. P2P transfer ability here is pretty important, considering Square and Venmo are only available in the US. 

Definitely aimed towards the avid-traveling millennial. 

Knightsbridge is a foreign exchange company offers lump sum online exchanges at a lower rate than traditional banks. It’s integrated with all Canadian banks so account-to-account transfer is free.