Category
Business
Assisted Conversion
Trend cluster
Category
Painless
Financials
Finance services are simplified to appeal to younger investors.
3.5
Trend score
Trend
What is the Painless Financials trend?
Painless Financials: With less than 10% of Millennials considering themselves to have high level knowledge about their personal finances, a huge opportunity lies in creating new resources for financial literacy. As modern adulthood becomes increasingly complex with the balance of multiple jobs, managing debt and paying off student loans, banking and investing can often become intimidating to younger consumers who are already accustomed to simplified apps and online tutorials. This shifting approach means Millennial loyalty will lie with financial institutions that offer a helping hand through streamlined financial literacy and hassle-free banking transactions.
Trend themes
Themes within the Painless Financials trend
Three behaviours holding the trend together01
Digital Financial Education
Creating new resources for financial literacy for younger consumers will be key to increase their financial knowledge and loyalty to financial institutions.
02
Mobile Financial Services
Mobile banking and financial tools like automated finance platforms and peer-to-peer payment methods, continue to be popular among millennial consumers.
03
Personalized Financial Planning
Personalized financial planning with a mix of technology and human expertise like virtual finance planners will be a disruptive innovation in finance industry.
Industry implications
What the Painless Financials trend means for industry
Where the trend changes the playbookFor
Banking
Financial institutions should offer mobile banking and digital financial education tools to attract younger consumers.
For
Fintech
Fintech firms can leverage mobile financial services and personalized financial planning, implementing innovative solutions that appeal to millennial consumers.
For
Education
Educational institutions can benefit by developing courses and training programs for financial literacy to tackle the knowledge gap among millennial consumers.
Workshop question
What is the simplest way to engage with your industry and how can you help streamline that for the future consumer?
Trend signals
Trend signals for Painless Financials
Trend score 3.5 out of 10, from popularity 57%, activity 39%, freshness 8%.
Popularity57%
Activity39%
Freshness8%
Audience
50%Men
50%Women
- Gen Alpha (not a primary audience)
- Gen Z
- Millennial
- Gen X (not a primary audience)
- Boomer (not a primary audience)
Market
North America
Europe
Evidence
Examples of the Painless Financials trend
4 featured examples from Aug 10 to Nov 1, 2017CategoryLifestyle
Cost-Free Finance Planners
The 'Summed' Virtual Financial Planner Offers Personalized Guidance
Disruptive innovation opportunity: Fintech companies can create virtual financial planning platforms that offer personalized guidance.
CategoryMarketing
Millennial Financial Advice Videos
'NowThis Money' Offers Financial Advice in Snappy Videos
Developing innovative digital tools and platforms to provide financial advice to millennials.
CategoryLifestyle
Automated Finance Platforms
'The System' Eliminates You From Living Paycheck to Paycheck
Fintech companies can capitalize on the trend of automated finance platforms by developing innovative financial products for individuals.
CategoryTech
Mobile Peer-to-Peer Payments
Paykey Lets You Transfer Money Through Your Phone's Keyboard
Paykey's keyboard extension disrupts traditional banking by offering a seamless social banking platform for peer-to-peer payments.
