Recently, banks have made our lives easier by launching mobile applications and finance management wallets. This small innovation has revolutionized the way we manage our finances and tackles bank-related concerns on a daily basis. It might sound unconventional and troublesome for the older generation, who still doesn’t have a knack for using smartphones, but millennials absolutely love it.
From paying your bills on time without going to the bank or sending money to anyone, anywhere in the world, mobile banking applications have empowered financial planning for millennials. 93% of millennials use mobile banking applications every month, followed by Gen X and Gen Z.
It is never too late to jump on the bandwagon and become a regular mobile banking app user. Let’s explore the top six reasons millennials have mobile banking applications on their phones.
They Are Accessible
According to a recent report by TimeStage, Millennials are the most hardworking people, with 73% working more than 40 hours a week and 26% having more than one job. It means there probably isn’t much time during the week to go out and cover your bank-related matters (unless there is an emergency).
Rather than delaying the course itself, millennials prefer using a mobile banking app to counter their day-to-day transactions. Is your wife asking for money to pay for groceries? Make a transaction in less than a minute. Not getting time to go to the bank and pay utility bills? Just log in to your app, and voila! It’s paid in no time.
Since everything from paying bills, depositing cheques, transferring money, making discounted purchases, rewards and discounts, statement generation, and feasibility with brands is available on your mobile app, the need to go to a bank for every minor thing has decreased to a huge extent.
People prefer going to the bank when they wish to submit any paperwork, open a new account, or make a complicated request. This accessibility has enabled the working generation to maintain a financial record at the tip of their fingers.
They Help Manage Finances
If you have seen days when coming back home after a long vacation or even a grocery trip results in a significant deduction in funds, it’s time to consider switching to a banking app. It is a powerful tool that acts as a source of financial planning for millennials because of its expense management strategies.
Most banking applications provide a comprehensive overview of all the daily transactions so you have a clear picture of where the money is going. You can also categorize expenses according to their nature to have a better idea of where your money is going. For instance, is your money being used on daily household tasks or are you just wasting it on things you don’t really need?
Almost every banking app has the option to generate and save a transaction report within a custom time frame. It helps users maintain an easy record and go back in the past to track down their history and print it if needed. Such simple steps can help millennials create a stable and more managed lifestyle.
They Keep Money Safe
Banks want our money to be safely stored in our wallets, where it truly belongs. This protection of assets is also reflected in the banking applications as most of them are now moving from username/passwords to more advanced measures of security such as two-factor authentication, face recognition and fingerprint login. It helps the banks keep your information secure and ensure that the application is being accessed by the rightful owner of the bank.
They Offer More Control Over Cards
Gone are the days when you had to go to the bank and get work done related to your ATM cards. In the world of modern banking apps, your cards (of the same account) are directly linked to the application.
You have the authority to temporarily deactivate your cards and then activate them back when there is a transaction to be made. This feature is incredibly helpful in case of a lost or stolen card. Moreover, the transactions from the card appear in your history so it is much easier to maintain a record and file a complaint.
Banking applications provide users with their debit card number, date of expiry and CVV pin which enables them to make an online transaction without the card being physically available. Overall, control over the status of the card and relevant information is ideal for seamless yet safe online transactions and can be very useful for millenial financial planning.
They Provide Bank Information
Banks usually have different branches across the country (or the world), that allow users to find the same services when needed. If you are in a location, looking for a bank, open your mobile application to find out the nearest branches. The official mobile banking app has all the relevant information you need such as the pin location on the map, mobile number, branch name and branch code.
Some banks also give you an option if you are looking forward to booking an appointment with your nearest branch. You can state the purpose of the appointment and the team will get back to you with a suitable time.
They Help Keep Track of Loans
Student loans, credit card debt, and car loans are some of the most common loans that millennials are surrounded by. Unfortunately, due to forgetfulness or mismanagement, not everyone remembers to pay their loans on time.
With a mobile banking app on your phone, it is easier to track the loan amount, the interest and what are your current dues. The credit amount appears in a separate section along with any loans that you have secured from the bank.
Having an application to keep tabs on your loan will ensure that you are making payments on time, resulting in better credit scores and more chances of being successful in getting work-related opportunities. People who are regular with loan payments are trusted and liked by banks which means that your bank will like to be there for you in case of a financial crisis.
Conclusion
Banking applications have become quite popular among hardworking millennials as they help them manage their daily financial activities with ease. It is possible to manage everything from your cards to loans and expenses by signing up for a banking application.
Although the main aim of banks is to facilitate their users with a track of expenses and income banks often collaborate with brands and companies to offer deals and discounts on products.
If you are looking for a way to make your banking process faster, efficient and controlled, sign up for a mobile banking application by contacting your bank.
