What Financial Institution App Features Do Young People Want?

Mobile banking has become not only a convenience to the average consumer, but a necessity for financial institutions to provide. Banking apps are particularly popular among younger generations who are more familiar with the technology. Bank of America has been the leader in this area with 30 million active users. Where does your credit union stand in the mobile banking arena?

If a financial institution wants to attract young people to their service, app features are not only a bonus, but a requirement. According to Ron Shevlin’s Observations from the Snark Tank in Forbes, mobile banking usage jumped to 95% among Gen Z and 91% among millennials. Even Gen X and boomers have moved to mobile at 85% and 60%, respectively.

But what features are the most important?

One of the most basic – yet important – features when talking about mobile banking apps is the ability to check your balance and transfer money between your accounts at the push of a button. These features boil down to convenience, certainly more than heading to an ATM or your local branch in person. People working full time have better things to do than drive down to a physical location to manage their accounts and check their balances, and it is up to financial institutions to provide the technology to complete these transactions with a few taps of their smartphones.

Sticking with convenience, another key feature is the ability to mobile deposit checks. People who are still paid in physical checks usually get paid on Fridays. The problem is many branches are not open late enough on Fridays or on the weekend, so by the time the person gets off work, they aren’t able to deposit their paycheck for the next couple days and won’t have access to that money. However, with mobile deposit there is no waiting in a drive-thru or racing to the branch before the doors are locked, as well as having access to your money earlier.

Another great feature is the ability to schedule bill payments in-app. Allowing users to schedule their bill payments in-app helps your credit union’s members to stay on track financially, which is part of credit unions’ mission. Plus, everything is done automatically, so it is a massive convenience.

A great security feature is the ability to turn off your credit card in-app. This capability makes member accounts much more secure. Instead of having to manually call financial institutions during office hours to turn off or cancel a card, it can be done from wherever and whenever. 

Overall, mobile banking is a necessity for credit unions. These mobile banking features and others, provide members a more positive experience and increases their likelihood to use your services.