Category
Lifestyle
Assisted Choices
Trend cluster
Category
Boundless
Banking
Financial products take aim at global consumers with multi-currency offerings.
1.3
Trend score
Trend
What is the Boundless Banking trend?
Boundless Banking: As consumer expectations of products in general are heightened, even the most traditional industries such as banking are debuting innovative offerings to appeal to specific consumer segments. One of the ways this is playing out is in the form of multi-currency bank accounts, allowing consumers to move between countries with ease.
Insight
The consumer insight behind the Boundless Banking trend
As the Millennial generation ages into their peak spending years, an increase in globalized citizens can be seen. This generation prioritizes travel as experience and adventure are key motivators for them. Widely, the ability for brands, service providers and retailers to provide frictionless service is reflective of today's consumer base who prioritizes a sense of literal and figurative borderless living.
Trend themes
Themes within the Boundless Banking trend
Three behaviours holding the trend together01
Multi-Currency Accounts
An increasing demand for borderless living, especially among the millennial generation, has led to the development of multi-currency bank accounts and payment solutions.
02
Fee-Free Cross-Border Payments
Consumers are seeking fee-free cross-border payment options that eliminate the hassle of international banking and can offer regular debit cards and single balances across jurisdictions.
03
Global Spending Solutions
Consumers are looking for hassle-free, global spending solutions that allow them to spend money abroad without excessive fees, access over 150 currencies, and even provide insurance.
Industry implications
What the Boundless Banking trend means for industry
Where the trend changes the playbookFor
Banking
With traditional banks now offering innovative, borderless, multi-currency payment and account options, the industry has to adapt to the changing demands of young consumers.
For
Fintech
Digital challenger banks and fintech companies are leading the charge in borderless banking, offering fee-free cross-border payments and global spending solutions for consumers looking for more convenience and flexibility.
For
Travel
As consumers prioritize travel and adventure, the travel industry is going through a transformation to meet these needs, with borderless payment and account options that make it easier for consumers to travel and spend money in different countries and jurisdictions.
Workshop question
What steps are getting in the way of your customer having the easiest possible experience with your brand?
Trend signals
Trend signals for Boundless Banking
Trend score 1.3 out of 10, from popularity 23%, activity 8%, freshness 8%.
Popularity23%
Activity8%
Freshness8%
Audience
50%Men
50%Women
- Gen Alpha (not a primary audience)
- Gen Z
- Millennial
- Gen X
- Boomer
Market
North America
Europe
Asia-Pacific
South America
Evidence
Examples of the Boundless Banking trend
4 featured examples from Nov 28 to Nov 29, 2018CategoryTech
Fee-Free Cross-Border Payments
Denizen is Hoping to End the Hassles of International Banking
The banking industry needs to adopt new technologies and business models to stay relevant in the fee-free cross-border payments environment and to avoid becoming obsolete.
CategoryWorld
Global Spending Solutions
The Revolut App Lets Users Spend Money Abroad Without Excessive Fees
Disruptive innovation opportunity: Integrating emerging technologies and financial services to create efficient and user-friendly solutions for global spending.
CategoryWorld
Multi-Currency Bank Cards
RHB TravelFX Let's Singaporeans Use Local Currency Overseas
Fintech companies can capitalize on the trend of digital multi-currency cards to provide innovative currency exchange solutions and disrupt the traditional banking sector.
CategoryTech
Secure Borderless Accounts
Bitsafe's Borderless Basic Payment Account is Open to Internationals
Disruptive innovation opportunity: Develop innovative financial technology solutions that cater to the borderless payment account market.
