The way we bank is changing. There’s no doubt about it. According to the Millennial Disruption Index and the San Diego Union-Tribune, 1 in 3 millennials are open to switching banks in the next 90 days. And according to this article, less than 50% of Gen Y are likely to continue with their primary bank in the next six months.
To be prepared for what’s coming, here are 5 mobile tools to help you manage your money:
1. Venmo: this is a simple concept that allows you to share money with people (or pay your friends back). You link your bank account and can transfer money easily to any other Venmo user. When that person receives the transfer, they can either choose leave the money in their Venmo account, or “cash out” and deposit the money directly into their bank account. As a millennial and technology user, this is the most useful app on my phone.
2. Apple Pay: Apple says, “this is your wallet. Without the wallet.” And there’s no better way to describe it. You connect your cards and bank accounts through Passbook and then can access all of your methods of payment from any Apple device. If a store accepts Apple Pay, you no longer need to bring your wallet and you can easily pay for any transaction with the tap of your cell phone.
3. Google Wallet: at first glance, Google Wallet seems a lot like Apple Pay. But it’s actually more than that – it’s almost like a mobile debit account. You load all of your cards into Google Wallet just the same, but you also receive a “Google Wallet Card” that you can use to withdraw money from an ATM or swipe to pay in any store that accepts Debit MasterCard.
4. Betterment/Wealthfront: if you like the idea of people managing your money, these are not the solutions for you. For better or for worse, Betterment and Wealthfront are automated investing services. This means that they use software to manage money at a very low cost (with the end user reaping the benefits). They personalize an online investment account for you that is periodically rebalanced based on a number of factors. These apps are best for people with the “set it, then forget it” mentality.
5. Bitcoin: Bitcoins are a different kind of currency. They can be transferred between people easily (without going through any banks), have very low fees, are transferrable to every country, and require no prerequisites. Think of it as a versatile alternative to whatever currency you use most.
This year, millennials are set to outnumber baby boomers. In fact, there will be 75.3 million millennials in the US by the end of the year. And by 2020, millennials will have $7 trillion in liquid assets, making them the largest demographic group in the country. While moving money around is now easier than ever, make sure you do your research before making a big monetary decision. The future of this industry depends on it.
Note: All of these apps rely on fast data integration data across platforms. To learn more about how Attunity helps Financial Services companies of all types integrate and manage data, click here. Also check out this article in Business2Community by Attunity Evangelist, Kevin Petrie.