Digital banking experience for Millennials
According to the survey by Viacom media networks on over 10,000 Millennials, 71% of them would rather visit the dentist than listen to the new banking offerings. That kind of perception makes banks quite exposed to new, disruptive business models of the emerging fintech start-ups.
Mind the gap
Millennials or the GenY’s are people born in late 80’s and 90’s and who are now becoming the majority of the global workforce. They are well educated, well informed, and well paid which makes them great potential clients. However, they are hard to acquire and even harder to keep due to the specific nature of their wants and expectation, often misunderstood or not met by traditional banking services. Also, they don’t mind switching brands often if there is a better product out there.
Millennials are mobile natives, meaning that they consume most of the content via mobile devices like tablets and smartphones. They expect services available promptly, on-the-go, and the best possible experience they are familiar with in social media, instant messaging and other services that they enjoy using 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 the service that does.
When mobile banking first appeared on the market, it wasn't very successful. It tried to mimic the process of the real-life branch offices or the existing desktop solutions and the number of mobile transactions was negligible, compared to other channels. It simply wasn’t 100% true digital experience for the mobile natives because it was basically the same service, offered on a different platform, not suited for such an approach.
Genuinely digital experience
Technology for enabling true digital experience should make the process of making bank transactions easy, onboarding fast and the user interface seamless and beautiful with platform-specific approaches. But you simply can’t make the bank transaction easy if your users have to type in payment information via a tiny smartphone keyboard. Also, you can’t offer innovative services like remote account opening without the customers confirming their identity personally, in the branch office... Or can you?
Why not using 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.
It is an advanced technology that requires years of research and development, but it’s 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.
In one of our earlier blog posts, we already 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 160% increase in the number of mobile banking users and 100 times increase in the number of mobile banking transactions which is a quite significant result.
We are just about to launch KYC solutions for several major banks in Europe to enable remote account opening by scanning personal ID documents.
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 lot’s of positive reviews and happy customers and the thing about Millennials is - they read reviews. They listen to what their network is talking about and they are happy to share a good experience.
At Microblink, we are focused on research and development of mobile vision technology. We are on the frontier of computer science and we use the most advanced neural networks and deep learning techniques to provide the fastest and the most accurate text recognition by using the phone camera.
However, we are fully aware that cutting-edge technology is not enough for Millennials. It is about creating the user experience and we use technology simply as a tool for achieving the goal of seamless UX for all services that require manual data input.
The Manual data input is one of the biggest obstacles for mobile banking, but it is also slowing down processes in other industries. Manual typing is outdated! Contact us to eliminate it from your solution.