As the finance world must adapt to the online preferences of Millennials, apps such as Finn by Chase from JPMorgan are being created to suit the needs of this generation.
The mobile banking app allows consumers to track their expenses and savings in a way that suits their own stated goals. It first "learns how users feel about their purchases through a tap-and-swipe emoji tool," and shows them various spending plans that they can choose from to automatically transfer funds into their savings.
The more emotive banking methods behind this new JPMorgan app reveals the ways in which companies are having to quickly adapt to the needs and preferences of Millennial generations, and the different ways in which they prefer to track their spending habits.
Millennial Checking Apps
JPMorgan Has Developed a Banking App For Millennial Generations
Trend Themes
1. Millennial Banking - Developing personalized mobile banking apps for Millennials to help track their expenses, savings, and goals.
2. Emotive Banking - Using emotive and interactive tools such as tap-and-swipe emojis to gauge Millennial customers' feelings about their purchases for smarter budgeting ends.
3. Automated Savings Plans - Offering automated savings plans and spending goals theme-based to suit younger consumers' saving preferences and trending lifestyle needs.
Industry Implications
1. Financial Technology - With new technology implementations, finance companies are able to tailor services and experiences specifically to the Millennial demographic's use of digital channels and compelling innovations.
2. Mobile Banking - Expanding mobile banking capabilities and creating personalized fintech solutions that offer efficient and easy-to-use options for younger customers.
3. Customer Experience - Providing an enhanced customer experience that offers innovative and interactive banking options to boost digital engagement with customers and increase brand loyalty.