Read more about Fintech
Little wonder, leading corporations are competing to catch them young. While older generations are distracted with paying the school fees of their children and saving up for retirement age, members of Gen-Z and Mare in the spending years. According to Mark Zuckerberg, Founder, and CEO of Facebook, the Gen Zers and Millennials have become the North Star for Facebook and other of its social media platforms. This revelation by Mark came when their company’s stock crashed to $230 billion following the massive adoption of TikTok by youngsters, and Mark Zuckerberg lost a personal wealth worth more than the entire GDP of Estonia. With this, every FinTech that is out to succeed must catch them young. It will be costly if your FinTech is not making provisions to capture this demography.
Defining The Gen Z GenerationGen-Z is those born between 1996 and 2010. They are just after Millennials (those born between 1981 and 1995). Gen Zs are known for their unique characteristic of being an empowered, driven, down-to-earth, and business-savvy generation. They are commonly referred to as digital natives, being the first humans to never experience life without the internet. This situation helped many of them achieve early success, due to the growing technology around them mixed with their creativity and eye for a side hustle. Born in the information age, this generation consumes most of its information via the Internet. They live most of their lives in and around their cell phones. They are crazy about online business, NFTs, and crypto and are more inclined to get into a side business. They are value-conscious, driven by instant gratification, and impatient with poor products and services. They learned a lot of financial lessons from older generations – baby boomers and Millennials – who suffered through the Great Recession of 2008 and the pandemic. This made them more pragmatic about their finances. While members of the older generation are out for insuring and saving their finance because they’re raising a family, running a business, or planning for retirement, Gen Z is in the acquisition stage.
Sign up for the Connect Nigeria daily newsletter
Having studied the Gen-Zs, how can FinTechs attract them to their folds? In this article, I discuss five powerful ways to do that.
Design An All-Mobile Experience Service
Make TikTok Your Playground
Register to attend the Connect Nigeria Business Mixer
The term “FinTok”, which means financial advice on TikTok, has become a trend. What does this tell us? The financial literacy rate is growing at an exponential rate in this demography. It’s a wave FinTechs shouldn’t sleep on, rather they should pitch their tents on TikTok and offer helpful financial advice and services to this group of pragmatic young people about their finances.
Develop More BNPL Platforms
Got a suggestion? Contact us: email@example.com
You might also like:
- How FinTech Tools Can Help You Manage Your Money Better
- Azapay Solution: Pioneering Cardless Payments In Nigeria
- From Nigeria To The UK: Kora Expands Its Payments APIs
- How Kwik Logistics Company Ventured Unto E-commerce