Millennials Want Financial Convenience
The future of banking, like most things in 2019, is digital. It is no secret that the tech-entrenched millennial generation want everything to happen quickly and digitally — including their money and financial services.
An article by Intelligent Finance revealed that 32% of millennials (the generation born after 1980) named an “easy-to-use smartphone app” as a major factor in deciding what organization they will choose to manage money. The ‘Alexa’ generation opts for online banking via smartphone, with 39 percent asserting it as their preferred method of money management.
A similar report from Fico titled Millennial Banking Insights and Opportunities serves as an “exploration of generational differences to help banks stay competitive,” echoes those same sentiments.
One of its key takeaways focuses on the demand for alternative banking services, such as mobile payment, peer-to-peer transactions, and smartphone customer service access, as well as receive consistent communications about their money via their preferred channels such as mobile apps, and text messaging.
PAYOMATIC Mobile App Delivers
PAYOMATIC’s recently launched mobile app, which connects to the PAYOMATIC-exclusive inPOWER Card checks all of the boxes that the next generation of financially enabled have put out there. The PAYOMATIC mobile banking app is free to download. Users can check their balance, transfer funds between other app holders, monitor deposits and withdrawals, and manage spending.
The PAYOMATIC mobile app also serves as a store locator, and answer forum—making the experience seamless from beginning to end. The user never has to leave the app for support or more information. While this format caters to the millennial generation, the experience in general is for everyone.
PAYOMATIC has chosen to create a customer-centric mobile app.