11% of Millennials are Making Purchases from their Smartphone Daily / Security Concerns vs Bankingby Fintechnews Singapore February 25, 2016
Millennials have never known anything but new technologies, changing technologies, adjustment and adaptation. Born between the early 1980s to the early 2000s, this generation wants to do everything on their mobile devices, a trend that had the influence to be a commerce disruptor.
A survey conducted by Zogby Analytics commissioned by Fintech company Mitek found that among 1,006 respondents aged between 18 and 34 years old, 86% said that they had already made purchases or conducted a transaction from their smartphone. 11% of them indicated that they did so on a daily basis.
60% of respondents said they felt comfortable using mobile devices for exchanging money with friends, both sending (61%) and receiving (63%). However, Millennials are more comfortable making relatively small sized transactions: 28% of respondents said they felt comfortable sending less than US$100 to a friend via a mobile device, and 40% indicated that their largest purchase using a mobile device was equal to or less than US$100.
51% of Millennials want to pay for goods using their mobile device as a mobile wallet instead of credit cards, checks, or cash. Also, 21% said they were interested in a service that would allow them to establish a budget by taking a picture of their paycheck, bills, and bank statement to allocate where funds should be distributed.
The survey also found that the camera is key for businesses looking to capture the Millennial demographic. From banking, to shopping and peer-to-peer lending, Millennials want to use the camera, with 68% saying they would rather snap a picture than ever have to type something on their mobile device.
Banking is the top industry where Millennials wished there were more mobile capture functionalities (40%). 54% of Millennials said they had deposited a check by taking a picture with their mobile smartphone camera, a trend that is slowly emerging: in 2014, 34% of Millennials said they had made mobile deposits.
Security is definitely a concern for Millennials. 54% of respondents said that security was a higher priority than convenience when using their mobile device.
Millennials are willing to take additional steps to verify their identity on a mobile device when opening an account or enrolling in a new service: 48% said they were “very willing,” and 38% said they were “somewhat willing.”
Millennials also indicated that concerns about data security (53%) and identity fraud (52%) were the two main barriers that were stopping them from using their mobile device more.
Read the ‘#Millennials the next #MobileDisruptors’ report: https://www.miteksystems.com/financial-brand-zogby
Featured image: Woman taking a selfie, by wavebreakmedia, via Shutterstock.