Consumers tap services that allow them to automatically save funds
Trend - Seeking to ease anxiety and stress that often accompanies financial saving, younger consumers, like Millennials, are tapping into automated alternatives to make the process more streamlined. By adopting cleaner, simpler interfaces, and automatic functions, this approach to finance is aligned with the digital experiences Millennials are used to.
Insight - Millennial consumers have and continue to struggle financially, on the whole, making managing their finances intimidating to many of them. As a result, this demographic has a desire for friendly, easy-to-use financial tools to help them feel empowered in their money management.
Insight - Millennial consumers have and continue to struggle financially, on the whole, making managing their finances intimidating to many of them. As a result, this demographic has a desire for friendly, easy-to-use financial tools to help them feel empowered in their money management.
Workshop Question - How could you adapt your services or product offerings to become more seamless within your consumer's day-to-day routine? What steps could you eliminate?
Trend Themes
1. Automated Savings - Younger consumers are utilizing automated solutions to streamline finance and simplify the saving process.
2. Micro-investing - Consumers seek DIY finance solutions, leading to more automatic micro-investing apps that buy cryptocurrencies.
3. Consumer Financial Empowerment - Consumers' desire for friendly and easy-to-use financial tools is driving the development of automated finance apps that put more control into their hands.
Industry Implications
1. Finance - Automated finance solutions are disrupting traditional banking and investment models and empowering consumers.
2. Technology - The rise of automated personal finance apps offers opportunities for the development of user-friendly and secure platforms that make saving and investing more accessible and convenient.
3. Cryptocurrency - The increased popularity of micro-investing apps signals an opportunity for the growth of the cryptocurrency market as more consumers seek to capitalize on this relatively new industry.
