Serving generation alpha: 5 non-negotiable features your mobile banking app needs

New research from Mastercard shows that gen alpha are trail blazers in terms of financial literacy. This young digital-first generation already has bank accounts (94%), digital wallets (58%), investment accounts (49%), and credit cards (48%). On top of this, nearly half (47%) of gen alpha parents say their children have introduced them to digital financial tools they did not know about.

As this generation is hyper aware of their options and choices, they are fickle and quick to jump ship if their financial institution doesn’t serve their everyday needs. This is not a generation that will adapt to legacy systems: if their mobile banking experience is cluttered and full of friction, they will simply find a user friendly and more intuitive alternative. In order to engage, apps must offer:

Silent UX - Effortless navigation and instant access to information isn’t just expected, but demanded in correlation to their experiences on other digital platforms.

Speed and availability – Fast and efficient apps with little to no downtime. This isn’t a generation that tolerates system glitches or interruptions to service.

Real-time updates – Notifications on transactions, transfers, balances and other account information is no longer “nice to have” but essential for engagement. Real-time maps and geolocation services are also a must.

Personalisation – Apps need to be adaptable and customisable, with drag and drop tiles and widgets alongside tailored recommendations and content.

Trust and security – App functionality and the FI’s values must align with modern digital lifestyles and the security expected for any secure and seamless CX. Expectations heavily revolve around transparency and social/ethical awareness in terms of building long-standing trust.