Work. Restaurants. Client meetings. Checkout lines. Even dates. What do all of these have in common? The answer may surprise you: these are places where mobile banking apps are most utilized. In a recent study by JPMorgan Chase & Co., more Americans were reported to be utilizing mobile and digital banking technology than ever before. For example, since 2014 to 2015, there has been a 33 percent increase in people using mobile banking applications. It has become very clear – mobile in the financial services sector is here to stay.
Millennials are signaling the future of mobile banking
Millennials are glued to their phones – smartphones rarely, if ever, leave their side. With an estimated population of 86 million, millennials are redefining the way they shop, interact with others and bank – and their influence is only growing as their buying power increases.
From engaging in social media to downloading music to paying bills, the mobile environment has transformed the way millennials live their daily lives. So, why should financial institutions and payments providers focus on the mobile habits of millennials? Because, by 2025, millennials are expected to make up around 75 percent of the workforce and, their use of mobile banking, payments and overall spending is only growing.
The bottom line
As more and more consumers, such as millennials, turn to the mobile channel for their financial interests, there is an increased need for establishing, maintaining and ultimately trusting a consumer’s mobile identity. However, accomplishing this goal can be quite difficult. That is why IDology’s new Mobile Identity solution can help you verify an identity on a mobile device which will ultimately create a higher level of trust and significantly reduce friction for legitimate customers.
Gone are the days when all financial activities are done only at the branch location or even online. Mobile is the new way to pay bills, shop and send money instantaneously to friends and family. And, millennials are some of the first to give mobile a try. Of course, security is the number one concern when it comes to mobile from banking institutions, payments providers and P2P applications. Learn more about how IDology’s ExpectID Mobile platform can ensure proper verification of users and prevent fraud here.