Generation Y – Meet us anywhere

Millennials are the most analyzed and most marketed to generation to date. Also known as Generation Y, we’re said to be extremely ambitious, tech-savvy, and socially minded and informed. We’ve got big dreams; we’re just waiting on everyone else to see them too.

Why does Gen Y matter?

We’re eight-sixmillion strong, which is 7% larger than the baby boomer-generation. We’re more than the slackers living at home with mom and dad, texting our feelings and refusing to grow up that society portrays. Evidence suggests we’re marching up the career ladder, marrying, starting families, and our social and economic influence is mounting.

If you still don’t think millennials are powerful consumers, riddle me this: our generation has an expected $2.45trillion annual spending power by 2015 and it will rise above that of the baby boomers by 2018. 

We’ll change the bank.

Generation Y is extremely different from their predecessors and the financial world needs to understand their needs. If they want millennials as customers, banks will need to use approaches that are much different than those of the past. As our economy power grows, its members will change how financial transactions are conducted. 

We’re in control.

 

 

Millennials consume brand and product information when they want to. They prefer to discover things using tools they’re comfortable. They would rather find their information on social media, use their smart phone, and read a blog than read a print ad or billboard.

Marketers no longer have control of the message. Control belongs to the consumers who review and share their collective opinions. 

We’re ready, are you?

Our values will shape consumer spending because were different than the rest. We believe in living for the now and often think “spend now, save later.” Many millennials are high earners that choose to spend it on cars, clothes, leisure and entertainment. 

Sixty-three percent of young Americans keep up with brands on social media. We’re already out here (virtually anywhere) so all you have to do is meet us there. 

Other Sources:

http://www.flickr.com/photos/scobleizer/2250735263/

http://www.flickr.com/photos/esthervargasc/9657863733/sizes/l/

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Mobile Banking: iOS > Android

Google’s Android platform is growing faster than Apple’s iOS but iOS is still a friendlier platform for bankers. Simply put: iOS users are more engaged.

Malauzai, a leading mobile banking software provider, compared the two platforms. Of the 160 thousand mobile users, 66% use iOS. Of the iOS users, 72.5% use mobile banking at least once in a 90-day period.

More specifically, look at transfers, bill pay, remote check capture, or picture pay. The value of money movement for an iOS user is 80% higher than for Android. Picture pay and bill pay require users to take pictures of bills to make payments. iOS users use this service at a rate 70% higher than Android. Also, iOS users are 300% more likely to expedite payments. This creates a revenue opportunity for banks and credit unions.

According to Malauzai, one conclusion that could be made is that iOS devices are purchased by older users who can afford the devices. In turn, those consumers are most likely more profitable consumers to financial institutions. These customers tend to hold high balances and pay more bills from their checking accounts. 

Apple’s iOS also seems to be safer than Android. Applications are fully evaluated and examined before customers have access to them in the iOS App Store. This has prevented widespread malware infection. Android, on the other hand, has provided the ability to install apps from third-party sources. Although some are well-known and reputable like Amazon, others are not. Some have been found to originate from Russia and China malware hotspots. Developers deconstruct and decompile popular apps and publish malicious versions. 

All and all, customers deserve a safe and user-friendly experience when they use mobile banking. Apple’s iOS platform not only seems to provide that, but generates more profit for banks and credit unions.

sources:

http://www.malauzai.com/docs/monkeyinsights_1013.pdf

http://www.sophos.com/en-us/security-news-trends/security-trends/malware-goes-mobile/why-ios-is-safer-than-android.aspx

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