In the age of the smartphone and the rise of Millennials as the banking industry’s newest customer base, a more tech-centered approach is to be expected from banks. However, Millennials may be demanding changes in banking faster than the banks can keep up: the recent “decline (in branches) pales in comparison to the technological change in banking and payment processing and raises the question of whether or not banks are transforming their delivery systems fast enough to accommodate changing client needs.” One change will be how banks use the branches they decide to keep around, which “likely will be more for sales than actual customer transactions.” Because the new bank customer base is turning to a smartphone app for customer service, rather than the teller at a bank branch, banks should focus on developing easy-to-use apps that offer anything their branches would offer, and more. For banks that fail to do so, Millennials may conclude that the bank simply does not offer services that are missing in its app.
By: Alexia Boggs
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