Who are they and what do they want from us? They are the Instagram, Snapchat, Pokémon Go social media generation that touches their mobile devices an average of 2617 times a day, spending 145 minutes during 76 phone sessions (top 10% of users doubled to 5,427). They are engaged and connected at a level unseen by online banking. They consume information via apps and expect services to be a click away. Unfortunately, they often view financial institutions as a transactional vehicle for depositing paychecks and accessing their money via debit cards and ATM’s. They are not averse to receiving personalized offerings and even come to expect it. They want to see all of their finances in a single place (ranked as a “highly valuable” feature by 79% of account holders).
What do we do about it? To gain these consumers, credit unions and banks have partnered, in some cases, with the very same companies that are competing directly with them. Is there a better choice to having a thoughtful, consumer oriented, feature rich and seamless digital strategy and online/mobile experience that doesn’t require compromising on security, competitive advantage or differentiation? Creating the right engagement model can achieve the benefits and goals of financial institutions. Choosing the right infrastructure will allow you to adapt as newer technologies evolve.
At a minimum, a successful millennial digital banking model should include:
- Seamless user experience across devices
- Personal financial management tools
- Bill pay, P2P, and account transfers
- Mobile Deposit
- Industry standard security regardless of device
- User defined alerts
VSoft’s IRIS Digital Banking Platform
VSoft launched IRIS true digital banking experience for consumers and commercial account holders alike. Need a P2P solution that doesn’t compete directly with you for but offers robust feature/functionality for your consumers along with state of the art security? Do you need a mobile/tablet/online banking app that has the identical look and feel regardless of the device but most importantly has the same functionality? Want a best-of-breed personal financial management application for your account holders that can dramatically increase engagement? Need a bill payment and account transfer solution built on the latest technology? Need them all? Whether your needs are as simple as mobile deposits or a full blown digital strategy, VSoft can help.
Written By: Stoney Lingo, Senior Account Manager, VSoft Corporation
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