The survey evaluated the opinions of more than 700 millennials about their mobile banking experiences and findings revealed key technology gaps within current mobile banking options. Given that millennial buying power will reach USD 1.4 trillion by 2020, it is critical that banks and financial institutions address these gaps and concerns, which include uncertainties about data security and frustrations with forgotten passwords that lead customers to abandon their transactions all together.
To confirm this, 93 % of survey participants confirmed that they have abandoned a mobile banking transaction—applying for a credit card, opening a new account or simply accessing an existing account—on at least one occasion. The primary challenge millennials cited in these transactions was a forgotten password, further emphasizing the need for banking institutions to look beyond password authentication to ensure customer engagement.
Additional key findings from the survey include the following: applying for a bank account is the most common financial service millennials access via mobile devices, with more than 80 % of participants reporting that they have done this at least once and the vast majority of millennials (94 %) want financial services providers to offer the ability to scan passports and drivers’ licenses in order to authenticate their identities.
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