Goldman and Chase have introduced a new mobile banking app which positions itself as a finance tool that caters to the needs of Millennials.
The app provides the consumer with complete control over their spending habits, all from the convenience of a digital platform. Through the app, users can automate their savings, putting aside $5 every time they go to a restaurant, or $20 with every pay cheque. Using customized tools, users can reflect on their daily spending and saving habits, while 'rating' each purchase with an emoji, which highlights how the purchase affects the individual emotionally. In addition, users can restrict over-spending by setting up an 'alert,' which notifies the user once they've dipped past a pre-set account amount.
The millennial-friendly banking app demonstrates a thoughtful comprehension of the target demographic, by incorporating a more emotional and personalized digital platform.