Why Mobile FinTech Is Becoming a Millennial Trend

Leo Giel | December 22, 2019
co-written with Chimebank.com

The act of building a successful budget, utilizing the appropriate financial tools and consistently analyzing spending and saving behavior are all likely to benefit your personal finances. For individuals within the millennial generation, adapting to technological trends is a no-brainer, and the use of smartphones and other mobile devices are more popular than ever. With this ever-growing sector making operations easier for companies, financial services are able to adapt their services to consumers digitally.

Mobile FinTech is a fairly recent concept that has vastly transformed the way we handle financial decisions. It involves the formulation of both technological and financial creations that promote user-friendly and convenient methods for managing your bank account and budget. From apps to other online resources, users can manage their financial health with the touch of a button. Millennials thrive off of mobile gratification, meaning that the benefits of financial technology are highly desired by these individuals and promote digital innovation throughout both industries.

Online Banking Apps

The traditional way of managing your money involves frequent visits to the bank to ensure your account is updated and secure. With the progression of technology and mobile-driven services, online banking has become an updated and modern form of keeping your finances on track over multiple devices. Not only do online banks provide easily accessible services for users, but the features that are presented within these apps showcase helpful benefits that remove fees, automate your savings and provide people with an option to receive paychecks before an actual pay date. Going mobile is already a trending shift among many generations, but for millennials, smartphone services are easily adaptable and simple to use due to these individuals growing up in a technological era.

Sometimes, we sign up for a great banking app, but due to the intensity which is life today, forget to access the app. That’s where app retargeting comes in, enabling you to receive helpful reminders which bring you back to the app, benefitting from a better banking experience.

Budgeting Platforms

When it comes to utilizing another form of maintaining a successful financial status, personal finance applications provide a space for people to manage a budget effectively and long-term. Millennials take advantage of highly personalized and customizable characteristics within these apps and are able to access them quickly and on the go. While spending, individuals can check their balance and monitor purchase tendencies to ensure they are staying within their means and meeting timely financial goals. Depending on your preferences, budgeting apps can create more organization and accessible features, allowing you to schedule reminders, set spending limits and transfer money from one savings account to another with ease. Having these resources on an app can promote more accessible tools and financial benefits into your day-to-day life—giving you an extra personal finance boost!

User-Friendly Features

In addition to budgeting apps and online banking tools, other digital resources can help you manage money more efficiently. Instead of writing checks, this task can be done digitally and sent to the appropriate person online. Even though this may feel very different from buying paper checks and writing out the necessary information needed to complete a transaction, millennials love that digital checks reduce time and are convenient for their schedules. 

Many millennials find traveling to be an activity that creates validation that you’re living life to the fullest. But before going on an excursion, it’s essential that an evaluation of your budget occurs. As we know, mobile apps aide this process and make managing your money possible in any location. Whether you create a financial plan for travel online or adhere your bank account to meet your needs, FinTech platforms offer features that eliminate additional fees, more specifically foreign transaction fees that can hurt your budget during foreign travel.

Consistent Account Updates

Through either your smartphone or the downloadable service you’re using to stay consistent with your budget, programmable notifications are a great feature to utilize if you want reminders in real-time about your spending, savings or paychecks. If you’re mobile device allows, these alerts can appear as a pop-up notification on the app itself or on the lock screen of your phone. Each can provide you with a way to constantly check for account errors or other important information that it would be bad to miss. While you’re working, running errands, attending school or even out for coffee with friends, updates can be simple to access and make maintaining your account doable from anywhere. As mentioned earlier, retargeting is another way to update you in case you forget to access the app, sending you informative reminders to check into your account.

Compatible Debit Cards & E-wallets

You may stick to your ways of keeping a debit card in your wallet and swiping it to make a purchase, but having a digital version of your debit card in an e-wallet is a trending purchase behavior among many millennials right now. Instead of having to bring your debit card everywhere you go, digital cards are used through a smartphone scan at the register. While this may seem like an unsecured way of buying items, it’s similar to our current credit card tendencies, just through a different method of how our information is transferred. Online debit or credit cards can also be linked to your bank account as well. So that way, if you make a purchase on a digital card, but want to ensure the price value detected from your checking account, it can be done quickly through your budgeting app. Truly, there is nothing more convenient about this method for millennials.

Services within the financial sector will continue to grow along with the evolution of technology. As mobile FinTech capabilities grow larger and more advanced over time, individuals have the potential to adapt their current financial plan to the most effective and digitally driven strategy to improve their budget.