I wrote this blog post a few years ago and it’s one of my favs, so I’m revisiting it. Enjoy!
My bank and I have been in a long relationship: 21 years. We’ve had our ups and downs, but we managed to understand each other over time. My bank has some really admirable traits like the online banking platform and the prevalence of ATMs around the country.
But lately something changed and it’s hard to define (Jessie got himself a new bank and I want to make it mine). Sound familiar? Only those of you who listened to music in the 80s will get that one.
I started to feel like the fees have been creeping up at an alarming rate. So, in the back of my budget saavy mind, I wondered if I should just go through the painful process of shopping around. In the meantime, I got a new phone, a new droid. And since I follow all the latest and greatest in mobile banking, I heard about a couple financial institutions that are offering remote deposit with a cell phone. That’s right, there’s an “app” for that!
I simply take a photo of the front and back of the check, with my phone. It’s a free app and so easy to use. Another cool thing is that I get immediate funds availability. Once the transaction is complete, I see the funds in my account. I’m sure there are some fine lines (disclosures) to read somewhere about that. The security of this new technology is a whole other blog post for another day (two cents welcome).
So, unfortunately for my old financial institution, it was a perfect storm of elements which motivated me to switch: unhappiness with mounting fees and new, sexy technology enticing me away. Now I don’t have to wish that I had Jessie’s bank – I’ve got it.
What are the lessons learned here for financial institutions?
- Generation Y wants convenience and technology (I’m an Yer in a X body).
- Account holders will go along with higher fees…for a while.
- Mobile payments allow you to stay connected with your account holders.
I’d like to hear from financial institutions on how they are engaging Generation Y. Feel free to be a part of the conversation.