Financial products take aim at global consumers with multi-currency offerings
Implications - 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 - 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.
Insight - 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.
Workshop Question - What steps are getting in the way of your customer having the easiest possible experience with your brand?
Trend Themes
1. 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.
2. 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.
3. 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
1. 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.
2. 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.
3. 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.
