Over 80 million strong, millennials rival baby boomers in their numbers. Their purchases already account for a little over one out of every five dollars spent on consumer goods and services. And in just over five years they will hit their peak and become a defining force in the US economy.

This me generation matured along with digital technology. The oldest of them remember dial up modems and the youngest were still in high school when the iPhone debuted. But all are quick to latch onto the latest innovations, often disrupting entire industries (bye bye, old media). For banks the impact has so far been manageable, but at Moven we believe all of that is about to change.

Equipped with smart-phones millennials now navigate their social, physical and even service environments in completely brand new ways. In particular, the rise of mobile applications has fundamentally redefined how they find, select and purchase services. Traditional banks are missing this shift towards “appification“, where constant experimentation and innovation is the new norm. And while the landscape is changing around them, there are five key principles that they’ve missed.

To read about the five key principles, click here.

Written by Mohamed Khalil, Moven Team Member

Image Source: Businessweekly.readingeagle.com