Author: Grace Durie
Generation Y and their top digital banking requirements
I have written to a certain extent about what Generation Y want from their banks and what their expectations are of the businesses with which they interact, but one of the questions that has been asked in recent times has been ‘what do the millennials want from their digital devices?’
Earlier this year Deloitte conducted their annual millennial survey, in which a group of UK millennials expressed their admiration for two of the world’s most innovative and pioneering technology companies:
‘Digital and tech companies such as Google and Apple are roaring forward with innovations and financial success; highlighting their leadership in both industry and the community.’
Google and Apple have taken the time to create brands that appeal strongly to the millennials; the generation who are shaping the future of technology.
But, whilst it is easy to say that we in our twenties have an appreciation, an admiration for two organisations who understand our needs, my question is what those needs are? What do we want from the devices that the companies that inspire us produce?
Interactive and usable digital solutions
For the children of the technology revolution there are two key elements to a piece of technology, whether a wearable, mobile or tablet the two non-negotiable factors are interactivity and usability. This is not to say that preceding generations are prepared to stand for a shoddy user experience, however what makes the millennial generation unique is their intolerance for an imperfect experience, their willingness to go elsewhere to find the device that will give them the definitive user experience.
Apple Watch and wearable banking platforms
Take the Apple Watch, ostensibly nothing more than the latest gadget in a long line of wearable technology that has been developed over the past few years. However, it is arguably the best developed piece of recent, glittering new digital tech that has catered to the needs of the younger generations. You can monitor your activity levels, check your bank balance, even take calls should the need arise. Admittedly the Apple Watch is not a perfect device, but as someone who is looking for a wearable on which to do my banking, it is the closest thing to the ideal wearable platform that exists at the moment. The watch also permits you to pay, without the hassle of even taking your card out of your purse or wallet, something that caters implicitly to the fast paced and often hectic lifestyles of today’s millennials.
So really, it’s simple. We want collaboration: allowing institutions like banks to put their apps onto wearable and portable devices. We want innovation: can a device be sharper, faster, more user friendly? We want brands to keep up with our needs and give us an experience that will blow us away. Do this and we will respond by being loyal to both the brands and technology that we choose to invest in.