Banks, insurance companies, and other financial focused companies are taking note of the digitally motivated and organisation skeptic generations. Start-ups are creating products that cater to generations Y and Z, products that cater to the financially strained inheritance; while still paying attention to their desire of economic freedom, entrepreneurial aspirations, and conservative spending habits.
This generation is next in line to shift and change the traditional models of business, banking, and schooling structures. Companies and banks have started catering to this group with the hope of building brand loyalty, grabbing them while they are young and retain them as future clients. The financial products that cater to Gen Z are digital and include parental interaction. Apps such as iAllowance and Banakroo help parents track the chores their children do and calculates what is due to them. iAllownce lets parents send reminders to kids to complete outstanding chores. Yuby takes the concept a step further by helping kids aged 6 – 11 create a wish list. Kids can compare how much they have to how much they still need to buy their items as well as an earmarking for charity.
Savings, student debt, this financially-strained generation still plays a vital role in companies taking a bigger stance in assisting millennials in financial maintenance. More digital start-ups are helping Gen Y with savings, investments and drawing their attention to their spending habits. Personal Capital a personal robo advisor, gives members access to resources that will guide them in making smarter financial decisions by tracking their net worth and providing a holistic view of one’s finance in real time. Mint allows for members to create budgets, pay bills and check their credit score.
Betterment is an online financial advisor that assists in retirement. Dedicated to all generational groups. The robo advisor assists customers in making smart investment decisions and allows for members to digitally access their portfolio and gives advice on areas of improvement.
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