Banking is shifting to include far more than your usual banking metrics, bringing in more customer-focused goal-based business models which include lifestyle considerations, future generations and financial freedom. Customers are changing the way they do banking, and their priorities are evolving from basic savings and investments to more future envisioning lifestyle angled banking.
Leading this change are Millennials. With the speed of information sharing on platforms like social media – trends are taking on a life of their own. Millennials are influencing the communities around them with new preferred ways of banking, and not doing it quietly. In the age of Influencers it’s crucial that brands sit up and pay attention to what their customers want when it comes to banking, and what they need when it comes to banking services.
According to one of Immersion Group’s senior experience consultants; behaviour change is particularly prominent in mobile always-on devices like smart phones, smart watches and tablets. Customers want complete control and visibility of their finances all the time.
Digital banking is fast becoming as sought-after as the latest smart phone on the market. Not only is digital banking making trend – its changing human behaviour – from the way we save money to the way we spend it – budget monitoring tools such as 22seven by Old Mutual allows us to link up our banking with our budgeting tools in order to push us in the right direction that will likely see us achieving our financial goals.
Viresh Hargovan, Chief Executive Officer at Immersion Group says that Millennials are making a point in proving that digital banking is now becoming a necessity rather than a luxury once deemed a ‘nice-to-have’. He goes on to say that this means that customers are calling on their banking service providers to meet them halfway in the race toward financial freedom.
Monitoring our spend and our savings online, anytime, anywhere and from any device, gives us a sense of absolute control over our hard earned money. But what happens when the apps and the systems are not designed for the customers?
Organisations who choose not to invest in user data research and user experience evaluations, risk losing customers to competitors who are already at the forefront of the market share battleground, leaning on human-centred design experts to lead them over the finish line. The very same competitors who are working hand-in-hand with Millennials to improve their digital banking experience. These are organisations that are creating a virtual financial manager with personalised servicing right in the palm of their customers hands – partnering with smart tech advancement solution providers like budgeting tools, stock market meters and the like, in building a better financial future not only for their customers, but for future generations as well.
