Morphis, an enterprise legacy-to-cloud software company based in Portugal with offices in the U.S., U.K., Spain and Brazil, announced today the results of a national survey regarding Millennial banking preferences.
The online study polled 400 Millennials on their banking preferences, security concerns and knowledge of their bank’s software systems. The study found 92 percent would make a banking choice based on the bank’s software and online services while less than 10 percent would continue to trust their current bank if they knew its software systems weren’t up-to-date.
“For Morphis, this information speaks to what we’ve known all along: banks are at risk of losing customers if they do not keep their backend systems up-to-date,” said Morphis U.S. Head of Operations Neil Hartley. “Banks must be proactive in their efforts to fight security fraud. It is the bank’s responsibility to modernize their software systems to meet the security and customer experience demands of today’s customer,” said Hartley.
The pressure to cloud-enable the increasingly mobile interface between customers and employees is reaching a critical tipping point, particularly in large, consumer-facing industries such as retail, financial services and government. The Morphis study uncovers several disconnects between banks and their customers on the topics of fraud, security and software updates.