Finance services are simplified to appeal to younger investors
Implications - With less than 10% of Millennials considering themselves to have high level knowledge about their personal finances, a huge opportunity lies in creating new resources for financial literacy. As modern adulthood becomes increasingly complex with the balance of multiple jobs, managing debt and paying off student loans, banking and investing can often become intimidating to younger consumers who are already accustomed to simplified apps and online tutorials. This shifting approach means Millennial loyalty will lie with financial institutions that offer a helping hand through streamlined financial literacy and hassle-free banking transactions.
Workshop Question - What is the simplest way to engage with your industry and how can you help streamline that for the future consumer?
Trend Themes
1. Digital Financial Education - Creating new resources for financial literacy for younger consumers will be key to increase their financial knowledge and loyalty to financial institutions.
2. Mobile Financial Services - Mobile banking and financial tools like automated finance platforms and peer-to-peer payment methods, continue to be popular among millennial consumers.
3. Personalized Financial Planning - Personalized financial planning with a mix of technology and human expertise like virtual finance planners will be a disruptive innovation in finance industry.
Industry Implications
1. Banking - Financial institutions should offer mobile banking and digital financial education tools to attract younger consumers.
2. Fintech - Fintech firms can leverage mobile financial services and personalized financial planning, implementing innovative solutions that appeal to millennial consumers.
3. Education - Educational institutions can benefit by developing courses and training programs for financial literacy to tackle the knowledge gap among millennial consumers.
4 Featured, 34 Examples:
54,590 Total Clicks
Date Range:
Aug 17 — Nov 17
Trending:
Mild
Consumer Insight Topics:
