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Unbanked consumers are primarily young (35% are age 18–34) and receive regular income or support from family/government (such as retirees), yet they do not have an ongoing relationship with a bank.
BERLIN, GERMANY. September 10, 2019 /24-7PressRelease/ -- Intellias releases the exclusive 'New Age in Banking: The Era of Tech Change Has Arrived' whitepaper that covers key socioeconomic and market trends and FinTech solutions for new banking consumers — Millennials and Generation Z.
This whitepaper features:
• An in-depth look at the banking habits and preferences of the two major demographic forces – Millennials and Gen Z – who will control the largest share of disposable income by 2029
• The scope of a largely overlooked $380 billion revenue opportunity few financial players are taking advantage of – the unbanked population in the US, UK, and EU markets
• Three core business models digital banks can adapt to stay ahead of the changing market landscape and scale sustainably
• Detailed digital banking product development frameworks to leverage at different growth stages with insights from our IT team
Traditional banks vs digital banks
The tectonic transformations in the retail banking sector are underpinned by several major socioeconomic factors that our analysts break down.
For one, Millennial consumers are now at the forefront of the banking revolution, demanding more affordable fees and a more encompassing digital banking experience centered around mobile.
In this whitepaper, we present comprehensive buyer personas for three types of banking consumers: older affluent Millennials (aged 30–38), younger Millennials (aged 22–29), and Gen Z consumers (aged 14–21). These personas are complemented by insights and data on the banking needs and wants of these demographics.
The second part of our demographic research focuses on the unbanked populations in key banking markets – a solid launchpad for a lot of successful digital banks such as Monzo, Starling, and Revolut.
"33% of the EU's unbanked are employed full-time and 9% are students. Unbanked consumers are primarily young (35% are age 18–34) and receive regular income or support from family/government (such as retirees), yet they do not have an ongoing relationship with a bank."
Addressing the needs of these two major consumer groups will be crucial for financial institutions over the next 10 decade.
The Intellias team offers a detailed product development roadmap and an overview of technical solutions that can help digital banks, as well as traditional financial institutions, usher in the era of Banking 4.0. In particular, we focus on the benefits of implementing:
• AI-powered back-office operations
• Robotic process automation (RPA) for financial and compliance reporting
• Credit card fraud prevention systems backed by machine learning
• KYC mechanisms powered by big data analytics
To request your copy of the whitepaper, click here.
With a strong industry focus on FinTech, Intellias has been a trusted partner for financial institutions from Germany, the Netherlands, the US, and the UK for 17 years.
By leveraging extensive software development expertise and accumulated knowledge within the finance and digital banking industries, Intellias has helped Fortune 500 companies and leading financial innovators create secure, effective, and revenue-driving software solutions for payment processing, data management, and advanced analytics, AI-driven lending, and mobile banking.
Intellias has the competence, scalability, and experience to help you transform your business operations and move to the Banking 4.0 era. You can reach our FinTech specialists at [email protected] or visit us at our offices in Berlin, Krakow, Lviv, Kyiv, Kharkiv, Odesa, and Ivano-Frankivsk.
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