FinTech Update: 5 Financial Apps To Know Next

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing

These five money apps are banking on Millennials for success…

Young consumers are driving the fintech revolution—according to study after study. Finance company SoFi reports almost 40% of 25-34-year-olds are using apps and digital tools for personal finance a few times a month or more. According to Bank of America’s 2016 Consumer Spending Snapshot, mobile wallet transactions are up 267% with 18-34-year-olds, and spending is up 235%. “Venmoing” has become a verb for a reason. The increasing popularity of the new payment method helps explain why credit card usage is on a decline with consumers between the age of 20-50. But they’re not just making spending and paying mobile, young consumers want their financial institutions to be mobile as well. Research by The Independent Community Bankers of America found that 74% of Millennials say mobile banking is very important to them, and 40% say they’d rather communicate with banks via email and websites. According to the 2016 FIS Consumer Banking PACE Index, 63% of Millennials are accessing their bank accounts on their mobile phones on a monthly basis—they’re also 30% less likely than Baby Boomers to visit a bank location or use a drive-thru, and are 17% more likely to pay a bill from their bank through a mobile device. Of course, investing is another financial space that’s been taken mobile for Millennials—while they may be notoriously risk-averse and financially insecure, they’re finding their own way of getting into the stock market, and mobile microinvesting (investing in “low-maintenance, index fund-based allocation strategies with small, frequent contributions”) has been a fairly safe strategy many young investors are trying out. Startups like Acorns—which we called out back in 2014—and Robinhood have created apps to help young consumers…

 
 

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The Newsfeed

Quote of the Day:  Millennials have grown up in a world where consuming wine outdoors—or any location outside of the traditional table—is more acceptable than generations past.”—Kate McManus, VP of Marketing, Delicato Family Wines (Wine Spectator)

Young consumers are “killing the shopping spree.” Whether they’re signing up for the growing number of clothing subscription services (Rent the Runway, Le Tote, Urban Outfitters, etc.), shopping second-hand, or just culling their closets—young shoppers are quitting fast fashion in droves. Some are inspired by Marie Kondo’s joy-sparking brand of minimalism, while others want to help the environment—and still others are just seeking a wide range of things to wear at a lower price. (Vice)

Airbnb is launching “adventures” for experience-seeking young travelers. The site that started with accommodations and moved into one-off “experiences” (like dinner parties) now offers multi-day excursions, complete with guides, gear, meals, and accommodations. The platform already features over 200 trips in 40 countries, including a tiger-tracking expedition in Kenya and a trek through the canyons of Oman. (Fast Company)

Tyson Foods is taking on the fake meat market with plant-based nuggets. The pea protein nuggets are the first in a line of “Raised & Rooted” products from Tyson Foods. The brand's CEO explains they’re catering to the “growing number of people open to flexible diets that include both meat and plant-based protein”—aka young flexitarians, not full-time vegans. But can a company known for its meat sell the idea that “this [trend] is about ‘and’—not ‘or’”? (The Verge)

Snapchatters can shop Levi’s new Pride Month jacket via selfie filter. The Shoppable feature is first enabled by scanning a QR code found at select stores or by getting a special Snapcode from a friend. Then, users can try on the special-edition trucker jacket via augmented reality, customizing it with one of two washes and a selection of six pins and patches. Once they complete the look, users can purchase the Pride Month Jacket—without ever leaving the app. (SJ)

Amazon’s new Echo Dot Kids Edition revamps the original. The new smart speakertakes many cues from the adult version’s second generation (it’s louder and rounder) but adds special features just for kids that go beyond a rainbow-striped color scheme. The device will come with a year of FreeTime Unlimited, a subscription service that includes popular Alexa skills like Pinkfong’s Baby Shark Adventures, as well as an enhanced parental control suite to address growing privacy concerns. (VarietyCNET)

Quote of the Day: “Young people still have an incredible interest in the Olympic Games…But the way they are consuming the Olympic Games—the type of content they are watching and the ways and the platforms on which they are watching—are fundamentally changing.”—Kit McConnell, Sports Director, International Olympic Committee (Bloomberg)

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