Banks chase next generation customer satisfaction with vanguard app features
Implications - Banks are staying competitive by incorporating vanguard technological features into their mobile banking apps as younger consumers become more comfortable using biometric technology that streamlines login and use of the application. Not merely effective in increasing customer satisfaction, such innovations also speak to concerns around security, with personalized login features a means of making paranoid customers feel safe about exchanging information through online and mobile applications while also serving to engage Millennials in a more intuitive way.
Workshop Question - How does your next customer want to interact with you?
Trend Themes
1. Biometric Login - Banking apps are incorporating biometric technology into their systems to streamline login and secure customer information, presenting opportunities for companies to develop biometric solutions for other industries such as healthcare or retail.
2. Mobile-only Banks - The rise of app-only banks, designed to cater to the unbanked population or frequent travelers, presents opportunities for financial institutions to develop user-friendly, smartphone-based banking systems and expand their customer base.
3. Integrated Finance Management - All-in-one finance apps, such as Empower, are targeting millennials who want to manage their finances in one place, which presents opportunities for companies to develop finance apps with financial planning features that also integrate with their customers' banks.
Industry Implications
1. Healthcare - Biometric technology used in mobile banking can be applied in healthcare, such as biometric patient identification and secure medical record storage systems.
2. Travel and Hospitality - Mobile-only banks designed for frequent travelers present opportunities for the travel industry to integrate banking and travel services, such as travel insurance, foreign currency exchange and itinerary planning, in one app.
3. Small Business and Freelance - Freelance finance apps like Tycoon present opportunities for companies to develop integrated business management platforms with finance tracking features to empower small business owners and freelancers.
