Big banks are struggling to get attention from digital natives.
While mobile-only Mondo broke crowdfunding records as it raised £1 million in 96 seconds. As it pushes the tech envelope, it proves to be the startup millenials want to bank with.
Read more here:
Millennials and money by Hannah Murray-Sykes @HMSlondon
Seems like a pretty solid article.
I feel like it really shouldn’t be so difficult to engage with my generation though. More than anything, genuine human transparency and being available wherever we are and whenever we need it matters (today, that means a mobile app).
I’m currently trying to move my legacy bank account away from Barclays (who will most definitely be supporting Apple Pay “shortly”. Yup, soon™. IMMINENTLY!) and there is really nothing out there that I’m happy with. The apps are almost universally the same two or three terrible bases and the products are poorly explained by both the website and branch staff.
Build a solid, platform native mobile app, get some genuinely helpful and empowered (important!) support staff on in-app chat or Twitter, have genuine security (none of this fake time delay or difficult “2nd, 4th and 1st character of your memorable word” systems and don’t blacklist someone who privately discloses an issue), make it easy to pay (or get paid by) any friend or family member quickly and easily, build systems to work in real-time, show me my detailed spending, stay on top of technologies such as contactless, be transparent and fair with your products (and their terms), have a little bit of design taste and I’m in.
Hey, that sounds like a startup I know. 