The way Millennials and their younger Gen Z cohort look at money differs completely from that of their parents and grandparents.
Since these generations have much more financial influence than any prior ones, fintechs and neobanks have to ask themselves what these newest consumer groups really expect? Take a look at German Standard answer below.
An omnichannel experience
As the younger generations are far more tech savvy than Gen Xers and Baby Boomers, it’s important to offer them multiple channels to interact with your business. Let them avail all of their needs from an app, mobile website, call center, a bank’s branch or any other channel.
In fact, a consistent, user-friendly experience via multiple channels is a global trend which is cutting across many markets, and goes far beyond target-group-tailored offerings.
More nuanced vision of creditworthiness
When overall financial situations are as unstable as today, lenders are risk-averse. And if it’s easy enough for older millennials to join the credit system, tight “ability to repay” standards have left many young adults with no credit history in limbo.
Digital natives need financial services companies to learn how to use their multiple data sets to more accurately evaluate a person’s creditworthiness.
Hyper-personalization
Now across the globe, most of the neobanks and banks are still a ‘one-size-fits-all’. However, extensive research on the preferences of younger generations echo that, when dealing with bank brands, they’re looking for flexibility and personalized banking experience. Therefore, to reach them, financial services providers should strive to gain deep consumer behavior insights and deliver context-specific, hyper-relevant services.
Ready to start building your next digital product based on your audience’s needs? Let’s talk! Contact us today to schedule an initial free consultation.
