This article is sponsored by Capital One. All opinions are my own.
Like most things millennial, our habits around managing money are drastically different from those of our parents.
From the fact that at age 30, more of us have student loan debt than have a mortgage. To the fact that we take our phones into the bathroom with us… and probably shop while we’re there.
Yeah, it’s a new reality. I mean, I pay my rent using an app. That would’ve been impossible just 10 years ago!
Thankfully, some banks are getting the message and adapting to these new financial and lifestyle needs by creating tools to help integrate money management into our lives more like technology companies than traditional brick and mortar banks.
I got to see some of that innovation first hand last month at Capital One’s Celebration of Digital Banking in DC. Here’s what we can expect to see more of in the New Year…
Remember what I said about the bathroom? Well, it’s not like millennials are dragging their desktops in there – it’s all mobile – smartphones, tablets, even smart watches!
According to one 2015 study, over a quarter of young people have never visited their bank branch and only 14% say they prefer doing their banking in person.
To keep up with millennials, banks will have to offer an easy and seamless mobile experience that makes all the basic functions of banking simple to execute– checking statements, depositing checks, transferring money, paying bills, etc.
Looks like Capital One is taking their mobile app experience a step further with features like Touch ID to allow consumers even easier and more secure access to their accounts.
They also offer enhanced detail on all transactions, so you don’t have to call into customer service just to figure out that the artisanal bakery you stopped at last week goes by some totally rando name on your credit card statement. You can see the full business name, address and even map location right there on the app.
My favorite mobile feature though is mobile check deposit, hands down. As a freelancer, it can take anywhere from 4-6 weeks for me to get my paychecks. The last thing I want to do when they finally arrive is wait another day to go to the bank. So I snap a picture of the front and back and deposit immediately with mobile deposit. I get the pending notification right away, and if it’s before 9pm ET on a business day, the check posts that day!
I bought my boyfriend the Amazon Alexa for Christmas last year. I’ve since gotten into the habit of asking her the weather every morning. When I’m on the road for work, I totally wind up talking to myself, asking, “Alexa, what’s the weather?” to an empty hotel room.
It’s totally millennial, I know, but this is how we operate. We want things to show up where and when we want – total lifestyle integration.
At the Digital Banking celebration, Capital One showcased its unique integration with Amazon’s Alexa, demonstrating everyday banking features through voice activation. For example, “Alexa, ask Capital One how much money I have in savings?”, “Alexa, ask Capital One what’s my checking account balance?” or even “Alexa, How much did I spend at Starbucks last week on my credit card?”
I have a feeling that last one is going to become my new go-to.
According to Capital One’s recent Wallet Survey, nearly one quarter (24.2%) of consumers are currently using mobile wallets in some capacity.
And by mobile wallets, I mean using credit and debit payment capabilities directly through a mobile device like a phone, rather than a plastic credit card.
Of the 24.2 percent of mobile wallet technology users, more than 63 percent say they’ve only been using the mobile wallet for less than a year. Which means that while the technology may still be relatively new, it’s catching on like wildfire.
For someone like me who tracks every dollar, the mobile wallet app is rockstar because it helps track purchases in real-time. It also keeps you organized on the go by letting you snap photos of your receipts to connect with the appropriate charges in the app.
Super bonus, the Capital One Wallet can digitize up to 25 gift cards so you can use them any time and have your balances tracked automatically. And if you misplace your credit card, (which I’ve been known to do), you can instantly lock the card from your app, turning it back on again when you’re ready.
Looks like all that’s left for me to do is figure out how to get my parents onboard the mobile money train.
What new banking features are your favorites? Is there any way you wish you could manage your money that you still can’t?