Indian software giant Infosys launched what it claims is the first mobile and tablet-only banking app aimed at the millennials’ market.
The app is white label and the target market is banks which struggle to effectively target 12-18 year-old users, says the software firm which thinks it has found a way to reach them.
Amit Dua, vice president & regional head of advanced markets & global accounts at Infosys, told Mobile World Live: “In the past a parent took a son or daughter to the bank. Here, we take the bank to them, using their own terminology. There is nothing like a saving account. We talk about ‘goals or ‘desires’ be they educational or buying an Xbox.”
Account holders can even click through to an online marketplace via the banking app to buy the product towards which they have been saving. Dua said taking a percentage of this transaction could represent a new revenue stream for banks, in addition to the prime motive of snagging desirable customers at a young age.
The idea of rephrasing the language of banking for younger users is not news. US banking app Simple, which was acquired last year by global giant BBVA, talks in a similar vein. But the aspect of linking to an online marketplace such as an Amazon or Flipkart as another revenue stream is unusual.
Dua claims the app breaks new ground. “We don’t know of any other [mobile and tablet-only] youth banking solutions. A few are dabbling but none are available.”
So far Infosys has two customers – one unnamed bank in India as well as Rakbank in the UAE.