Millennials are one of the highest users of mobile banking features. Depending on the study you consult (and there are a lot of them), up to 82% have used a mobile banking app and up to 61% find it to be their preferred form of banking. There are multiple reasons for this marked preference but they all fall under one of a few different categories.
Ease of Access
The most obvious reason why mobile banking is popular is the reason behind most mobile applications: it makes access easier. Mobile frees people from needing to drop by a physical bank location for an assortment of different services. After all, why drive down to the local branch to check your balance or arrange a transfer when you can do the same thing remotely? Saving time and reducing hassle are always preferred. This sort of easy access is similar to why many Millennial buyers prefer systems like PayPal as well.
Increased Convenience of Features
Millennials are a highly desirable group from a marketing perspective, and financial institutions recognize this as much as any retailer. To that end, a lot of work has gone in to making mobile apps and mobile banking in general more feature-rich and user-friendly as a way to woo the generation. Many banking services can be completed entirely within a mobile app without needing to go in to a branch for physical identification or without being redirected to the bank’s web site. The ability to deposit checks remotely is probably one of the more easily identifiable advances in this area. Although physical branches still have their use and place, mobile features have advanced to the point where almost every day-to-day banking need can be handled on your own terms and time.
Financial matters can be intimidating for anyone, and Millennials are no exception. Mobile banking helps ease this by offering various enhancements that promote control and knowledge. Being able to instantly look up your account balance means never getting caught by surprise; it’s even possible to pull up detailed breakdowns of your transactions. Automated alerts can be set that warn you when your funds drop below certain thresholds, transfers can be pre-specified to avoid overdraft fees, and you can even set up bill payments so you have a one-stop platform for paying off your mortgage, credit cards, taxes, and more.
It sometimes seems like every few months there is news of another major hacking scandal or security breach. The big Yahoo! breach from late September likely sticks out in this regard. Data, especially identity, account, or financial data, is eagerly sought after by tech-savvy criminals. Banks, credit unions, and other financial institutions understand this point intently, and a great deal of effort goes into maintaining ongoing and robust cybersecurity for customers. These efforts are reflected in the high level of trust and confidence that Millennial users have in mobile banking systems.
LUSO Federal Credit Union is a not-for-profit, member-owned financial cooperative dedicated to providing members with quality financial services and products and ensuring their financial safety and security. We at LUSO pride ourselves on serving the financial needs of our members in Wilbraham, Ludlow, Springfield, Chicopee, Westfield, and Hampden County, Massachusetts.
Feel free to contact our Ludlow branch toll free at 1-844-LUSO-FCU or our Wilbraham branch at 1-800-808-5876.