Millennials are significantly more interested in mobile-banking money management tools than any other adult generation, according to BI Intelligence.
. The study defined these tools as any feature that help to cut spending and grow savings. These tools could help banks attract economically anxious millennials who are looking to navigate their financial futures.
The most popular feature from those surveyed was the ability to view a credit score in the app, which was rated as extremely valuable by 48% of millennials, but was only offered by slightly more than half of the banks studied.'Who is Finn?': JPMorgan's banking app for millennials seemed destined to fail from the start
Other tools that focused on better understanding money, like the ability to view recurring charges and the option to filter spending by date ranges, were also highly-rated by millennials. Six banks offered all three of these features but only one of these banks, Navy Federal Credit Union, also offered the ability to set spending limits on a card. This feature was doubly as important to millennials as it was to Gen X, with 32% of millennials rating it very valuable. NFCU was one of only four banks in the study to offer the ability to set spending limits.
Another highly popular feature, the ability to cancel digital media subscription services, was not offered by any of the banks in the study. This service was rated as extremely valuable by 39% of millennials and was also quite popular among Gen X and Baby Boomers. The closest to offering this service is Wells Fargo, which will identify subscription services and teach the user how to end those subscriptions.
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