How digital banking is changing customer behavior
Here are some major ways that mobile banking, P-to-P payments and fintech are changing banking.
Everybody wants to be rewarded, but how do they want those rewards? A study by Collinson Group found that consumers want more redemption options and a better experience.
Death by a million cuts
Banks report that payments and fund transfers are the most common ways their customers are interacting with fintech. That's a good explanation for the creation of Zelle.
What millennials need
Millennials' reliance on multiple channels increases as they get older and their financial needs become more complex, according to a recent Javelin Research & Strategy survey.
Where's my money?
Payments apps are making people petty, it seems. Bank of America research found that people are willing to request less than $5 from their debtors on such channels.
Millennials might love Venmo, but that doesn't mean members of other generations aren't using person-to-person payments.
Mobile Payments' sweet spot
Mobile payments have been slow to take off, but people between the ages of 16 and 22 are using card-branded and device-specific wallets at a higher rate than their older counterparts. In other words, the odds are in the favor of mobile payments, according to study by Forrester Consulting and commissioned by American Express.
While milliennials seemingly live on their phones (don't we all?), it turns out at least some of that time is spent banking.