Simple Subscription. According to Jeff Hibbard, a chief digital officer at Truliant Federal Credit Union, 85% of millennials and Gen Z consumers want their financial institutions to make opening bank accounts and applying for credit as simple as possible.
Banking on demand is something that millennial consumers want now. These customers expect to be able to carry out practically any banking task quickly and easily, preferably from a smartphone, with the same ease that they can instantly call an Uber.
Without becoming a direct banking business, Hibbard asserted, “I would suggest that you can’t be in the financial services market in 2022, practically 2023.”
Without becoming a direct banking business, Hibbard asserted, “I would suggest that you can’t be in the financial services market in 2022, practically 2023.”
Hibbard cited the experiences of these consumers with items outside the field of financial services as the source of their expectations. Customers start to wonder why they cannot open a bank account or secure a loan as easily as they can sign up for a new subscription box or order food to their doors due to the convenience technology offers for entertainment and shopping.
