With millennials estimated to account for 50 percent of global consumption by next year, financial institutions need to better recognize them as valuable investments, rather than risk losing these digital natives to the eager, growing number of alternative financial solutions. In February’s PYMNTS Digital Banking TrackerTM, powered by Urban FT, we take a closer look at the influence of millennials and why banks are widely disregarding this booming consumer segment.
We know customers find the convenience of digital banking compelling, but what’s going to stick?
As digital banking evolves at warp speed, the question that remains unanswered is when potential customers will see through the blur of new offerings and gravitate toward features they find to be overwhelmingly compelling.
We’re seeing lots of experiments play out on the global digital banking stage. In addition to developments in banking technologies now available to consumers, we’re seeing the use of selfies for mobile banking identification by the Dutch bank ABN AMRO, and services involving cardless ATMs, facial recognition and touch ID.
The February edition of the PYMNTS Digital Banking TrackerTM, powered by Urban FT, brings you the latest industry news from the FinTech and consumer banking space, along with the profiles of 28 players, along with latest research and expert commentaries. The latest Tracker also has news on recent cyberattacks and financial hacks and what happened when JPMorgan sent fake phishing emails to its more than a quarter million employees – you might be surprised at what happened.
UNDERSTANDING MILLENNIALS
This month’s cover story examines the state of millennials’ banking needs and their expectations with respect to how well financial institutions are engaging with the demographic. Here’s a sneak peek:
The digital banking landscape is in a state of flux – new entrants and advancing technologies are having a huge influence on how consumers approach commerce and the experience they seek when interacting with financial institutions.
One of the most influential segments of consumers in the market today is millennials, and as their numbers grow so does their impact on all aspects of payments, especially when it comes to digitally fueled money transactions. Disruption to the traditional banking ecosystem as we know it is inevitable, but are banks, both physical and digital, prepared to keep up with how millennials are moving their money?
The short answer is no.
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About the Tracker
The PYMNTS Digital Banking TrackerTM, powered by Urban FT, provides an organized framework for evaluating the many players in the digital banking/financial services space as well as the latest news and trends shaping this new way of delivering financial services.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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