Mind the gap
Millennials, or commonly called Gen Y, are people born in late 80s and 90s, who are now becoming the majority of the global workforce. They are well educated, well informed, and well paid, which makes them great potential customers. However, they are hard to acquire and even harder to keep; they don’t mind switching between brands to find the best product out there, and the specific nature of their wants and expectations is often misunderstood or not met by traditional banking services.
Probably the most noticeable characteristic of millennials is that they are mobile natives, meaning that they consume most of the content via mobile devices like tablets and smartphones. They expect services to be available promptly and on-the-go, which is in large part due to easy interaction they are used to on social media, instant messaging, or any other service they enjoy on a daily (if not hourly) basis.
If you don’t meet the expectations of millennials in their native environment - mobile, they will probably search elsewhere for a service that does.
When mobile banking first appeared on the market, it wasn't very successful. It tried to mimic the process in either real-life branch offices or the existing desktop solutions. The number of mobile transactions was negligible compared to other channels. Mobile banking did not offer a true digital experience for mobile natives, because it was basically the same service offered on a different platform.
A genuinely digital experience
Technology for enabling a true digital experience should make the transaction process easy, onboarding fast, and the user interface seamless and beautiful with platform-specific approaches. But you simply cannot make bank transactions easy if your users have to type in payment information via tiny smartphone keyboard. You also cannot offer more complex services, such as remote account opening, without your customers having to confirm their identity in person, in the branch office... Or can you?
Why not use the smartphone camera to read data from checks, invoices, and other payment slips for quick data input, or use it to read ID cards to satisfy KYC regulations?
Today, mobile vision technology is ready to deal with such challenges. The video below is a real-life demo of mobile vision technology in action.
Mobile vision is an advanced technology that requires years of research and development, but now it is available as a component that can be easily integrated into all sorts of digital services like mobile or web apps to eliminate manual data input.
We are just about to launch several KYC solutions for several major banks in Europe to enable remote account opening by scanning personal ID documents. The solutions have already shown results: in one of our earlier blog posts, we wrote about the Erste bank use-case in which Microblink technology was used to enable using a mobile phone camera for reading payment slips. The use-case revealed a 160% increase in the number of mobile banking users and a 100 times increase in the number of mobile banking transactions, which is quite a significant result.
Millennials appreciate when you go an extra mile to make their life easier and that is basically what you, as their chosen service provider, should do to keep them satisfied. It will result in lots of happy customers, and happy customers means positive reviews - which is very important, because millennials tend to read those a lot. They listen to what their network is talking about and they are happy to share their good experiences.
At Microblink, we are focused on research and development of mobile vision technology. Standing on the frontier of computer science, we use the most advanced neural networks and deep learning techniques to provide the fastest and most accurate text recognition by using the smartphone camera.
Manual data input may be one of the biggest obstacles in mobile banking, but it is also slowing down processes in other industries. Typing is outdated! Contact us to see how you can eliminate it from your solution and enhance user experience in your app.