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Report: Millennials Have Appetite for Imaging Solutions

A newly released Zogby survey polled those aged 18-34 on their smartphone habits.

There is a growing appetite among millennials to use their smartphone cameras to conduct a wide array of financial services, according to a survey conducted by Zogby Analytics on behalf of mobile imaging provider Mitek.

The survey polled 1,000 U.S. millennials -- defined as those between the ages of 18 and 34 -- on how they use their smartphones. Unsurprisingly, 87 percent of this demographic reported that their mobile device never leaves their side, while 80 percent say that the first thing they do in the morning is reach for their smartphone.

According to Mitek CEO Jim DeBello, the poll also showed that this demographic increasingly prefers using image-based communication. Mitek is a provider of mobile imaging services for banks.

"The thing that we found enlightening is that it's not just about being mobile, it’s about communicating through images," says DeBello. "It's a shift towards picture-based commerce."

While mobile RDC is fairly commonplace in the consumer banking world these days, the poll results found an appetite among millenials for further image-based services. More than half (54 percent) said they would pay for goods using their mobile devices as mobile wallets, instead of credit cards or checks, if these services were available to them. Also, 45 percent of those polled would pay a bill by taking a picture with a mobile device.

Infographic courtesy Mitek


Additionally, nearly half of the respondents indicated they would be willing to use more imaging services with their banks, such as being able to snap a picture of a driver's license rather than using text to input personal information when signing up for a new service.

"Apple gets this, with what they're doing with Apple Pay," says DeBello, referring to consumers being able to snap a picture of a credit card to upload it to an Apple Pay account, as opposed to entering the information with keystrokes.

DeBello also believes imaging can help bring more financial services to the unbanked, a segment that typically has a high smartphone penetration. An example of this would be a bank employee taking a tablet or other mobile device into a neighborhood and using the camera to capture documentation needed to sign people up for a bank account, he says.

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Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Becca L
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Becca L,
User Rank: Author
9/30/2014 | 5:38:35 PM
Re: Morning Ritual
Ha. I am part of the majority. My first ten reaches to my phone are predominantely snoozing the alarm, followed by checking the weather, any urgent emails, and turning on some music to crawl out of bed to. However, if I was expecting some important money transfer I think I'd work that in, too. Facebook is too much to handle first thing in the morning - my respect for those who have enough brain power to scroll and digest all the newsfeed information.
Byurcan
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Byurcan,
User Rank: Author
9/26/2014 | 9:01:31 AM
Re: Morning Ritual
Yes, I agree, I think that's most people's rituals these days. If not checking Facebook, at least looking at work email.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/26/2014 | 6:07:46 AM
Re: Morning Ritual
I'm not a millennial, but my phone is my alarm clock too. So that is the first thing i reach for too. Do i immediately check email on it, or Facebook? Not all the time. But I do scan the email previews (alerts) that pop up on the home screen to see if anything urgent arrived overnight.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/26/2014 | 6:04:14 AM
Re: Morning Ritual
I think the findings are pretty accurate. Phones are much more than just phones nowadays, obviously. Email, social apps, web browsing, news apps, alarm clocks. So 80% reach for their phone first thing in the morning...that sounds about right.
Byurcan
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Byurcan,
User Rank: Author
9/25/2014 | 4:35:59 PM
Re: Morning Ritual
To me , it actually didn't seem unreasonable at all that most younger people roll out of bed and immediately check Facebook/twitter, maybe not so much people who are 30, but defintiely those in the 18-22 range. That's kind of the culture we live in now.
Kelly22
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Kelly22,
User Rank: Author
9/25/2014 | 4:29:12 PM
Re: Morning Ritual
I was thinking the same thing - if 80% of millennials are waking up and immediately checking their email or social media, that's kind of concerning. This is all valuable insight on the banking customers of the future. Banks should take note and boost their mobile/imaging capabilities. 
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
9/25/2014 | 4:01:09 PM
Morning Ritual
I am going to assume that the reason people reach for their smartphone first thing in the morning though is because they use it as their alarm clock, like I do. I don't think people are rolling out of bed reaching for their smartphone to post on Facebook or check their mobile banking. If that is the case than that kind of worries me.
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