Mogo Money's MogoLounge is a downtown space that offers "Adulting 101 financial education," as well as a variety of pop-up "Insta- or Snap-worthy event[s]."
Even though a number of traditional banks are being completely redesigned to put more of an emphasis on putting young customers at ease, approaching a financial institution can still be very intimidating for many Millennials.
MogoLounge entices people passing by on the street with a storefront that seems to be full of merchandise, like stickers, patches and pencils. However, it also serves as a space that highlights Mogo Money as a Millennial-friendly online bank that aims to empower its young customers with the means to get out of debt and work towards financial freedom.
Hip Finance Lounges
Toronto's MogoLounge Offers Adult Education Sessions and Events
Trend Themes
1. Financial Education Sessions - By offering financial education sessions, businesses can help Millennials feel more confident and empowered in managing their finances.
2. Pop-up Insta-worthy Events - Hosting pop-up events that are shareable on social media can attract young customers and create buzz around a financial institution.
3. Redesigned Banks for Millennials - Traditional banks that prioritize creating a welcoming and comfortable atmosphere for Millennials can differentiate themselves in the market.
Industry Implications
1. Online Banking - Online banks that focus on catering to Millennials' unique financial needs have an opportunity to empower this demographic and gain their loyalty.
2. Financial Education - Businesses offering financial education services can tap into the demand for knowledge and support in managing personal finances among Millennials.
3. Event Planning - Event planning companies that specialize in creating memorable and Instagram-worthy experiences can find opportunities in collaborating with financial institutions to attract younger clientele.