Banks are always looking at how to attract young, affluent customers, and it’s often assumed that strong digital offerings are the way to do this. Given the millennial generation are often described as ‘digital natives’ who have grown up comfortable with technology such as online and mobile banking, this may seem like a reasonable assumption.
But is this necessarily the case? One survey recently conducted by Israel-based bank Leumi and digital authoring platform Playbuzz shows less that half of this generation use mobile banking apps, and it was suggested this is because of their high expectations.
The bank stated that because younger people are so familiar with digital services, they have much higher requirements than older consumers, and are looking for a more complete, fulfilling experience.
That’s why it is collaborating with Playbuzz to develop a range of additional features for its mobile-only brand Pepper, which aims to produce clear, informative and engaging interactive content using Playbuzz’s suite of tools, which include polls, quizzes and flip cards.
The firms hope such a strategy will resonate with millennials, as the survey found this generation is highly engaged with their finances. Over 80 percent said they know what is going on in their current account, and 70 percent are looking years ahead when planning their finances.
Lilach Bar-David, chief executive of Pepper, said: “If we can produce clear content that will make people understand what they have, their credit and payment options, and provide them with alternatives, we can create a banking experience that people will like and want to return to.”
He added that integrating Playbuzz’s interactive features into the firm’s banking app will also help the bank learn more about its customers and what it takes to keep them satisfied.
Co-founder and chief executive of Playbuzz Shaul Olmert added the partnership is a “great opportunity” to showcase how interactive content can fit into the financial services industry, and it’s an experiment other banks may be looking at closely as they seek innovative ways to draw customers to their mobile offerings.