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A bank that adopts more sweeping image technology such as facial recognition or fingerprint identification and uses it to replace passwords and the need to fill in account numbers would be a big winner—and not necessarily just with the younger set. Mobile banking is taking off with all generations.
More than one in eight Americans have deposited a check within the past year using a mobile app, the American Bankers Association found. Of those, 80% use the app at least once a month. Other findings from the Mitek survey of millennials: 34% have deposited a check by taking a picture 54% would pay for goods using their smartphone as a mobile wallet instead of credit cards 45% would pay a bill by taking a picture if the technology were available to them, vs. the 21% who do so now 36% have switched where they do business based on a company’s mobile app 60% believe that in the next five years everything will be done on mobile devices, much of it through images We will never be a wordless society. But just think about those awful assembly instructions that come with a box of parts at IKEA or Target. If a YouTube video or other image makes it easier, why fight? A lot of people think of banking and personal finance the same way—and for them, a picture really is worth 1,000 words.
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