Millennials Keen On — And Impatient With — Mobile Banking: Study

Millennials are leading the charge in embracing mobile banking, but are also its most impatient users, suggests new Jumio-commissioned research.Millennials Keen On — And Impatient With — Mobile Banking: Study

The findings come from an online survey, conducted by Javelin Research, of 2,000 US-based digital banking customers. It found that Millennials lead mobile banking adoption, with 47 percent having adopted such services, while Baby Boomers lag at 23 percent. But Millennials are also faster to abandon mobile banking activities, with 43 percent saying they had done so, compared to only 13 percent of Boomers. And Jumio says that the biggest complaints from such individuals about the online banking process were that it either took took too long, or they couldn’t remember their password.

The findings point to two key conclusions: First, that the future of financial services is mobile. It’s the clear favorite of Millennials, and they are only going to grow in importance as a demographic for financial services providers. But the other important takeaway is that mobile services need to have an intuitive and speedy user interface.

That, of course, is what Jumio’s Netverify onboarding process offers, since it leverages a standard mobile camera to apply facial recognition and document reading for remote customer onboarding. The platform is already a clear leader in the financial services sector, and numerous other solutions providers are finding success in offering their own biometric authentication solutions to the financial services industry. Many, clearly, are already adapting to the shift depicted in this latest research, and many more are sure to follow.