Millennials are driving innovation in the fintech space and many traditional financial institution applications miss the mark with younger generations, leaving them to consider financial products and services from nontraditional sources.
"There are plenty of offerings from financial institutions, but those offerings don't necessarily resonate very well with a growing percentage of users," Jason O'Brien, senior vice president of payments for the San Antonio, Texas-based financial services firm SWBC, said. Millennials have higher expectations when it comes to app functionality and features, he added.
SWBC recently completed an in-depth focus group with about 60 millennials in an effort to learn which features they seek in their mobile banking apps.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
