Mogo Money is an online bank that sets itself apart by offering a range of services and tools that specifically appeal to Generation X. Some of these include tools for tracking spending to empower consumers to get out of debt, as well as a finance app with credit score monitoring. With Mogo, customers are also able to take advantage of mortgages, personal loans and even use a Free Spending Account, which Mogo calls "the cure for overspending."
Users are able to sign up easily for an account with Mogo, yet making the most of its products and services does not require switching banks.
Alongside offering a variety of useful features online and via its app, Mogo Money also operates the MogoLounge, a brick-and-mortar space in Toronto that offers financial advice and Millennial-targeted events.
Why This Trend Is Growing
- Personal Finance Tools
- The trend of offering personalized tools for tracking spending and empowering consumers to get out of debt creates opportunities for disruptive innovation in the banking industry.
- Credit Score Monitoring
- The trend of providing credit score monitoring services as part of a finance app opens up disruptive innovation possibilities in the banking sector.
- Virtual Banks
- The trend of online banks like Mogo Money targeting specific generations with tailored services presents disruptive innovation opportunities in the banking industry.
Industries Being Reshaped
- Banking
- The banking industry can explore disruptive innovation by integrating personalized finance tools and credit score monitoring services into their offerings.
- Fintech
- The fintech industry can capitalize on the trend of virtual banks and develop innovative solutions that cater to specific generations, such as Generation X.
- Credit and Lending
- The credit and lending industry can leverage the trend of online banks targeting specific generations and create tailored products and services to meet the changing needs of consumers.
