Finance Monthly - May 2023

Fintechs are already seeing that older generations are willing to jump on board. Revolut notes that it is seeing a year-on-year increase of 128% 55 to 64 year olds and136% of 65 to 74 year olds within its customer base. This has been done by building a user friendly product that creates confidence for all users. So Britcoin may be coming our way and money is entering a new chapter which all in all is exciting to see. There is a lot to balance; privacy will be a major factor and then ensuring consumer uptake, but this creates a brilliant opportunity. people’s purpose and empower them to achieve their goals. Gen Z and Millennials have a different relationship with convenience. With tech companies like Apple and Google creating services such as digital wallets that are easy to use and instantaneous, younger people’s expectations have heightened. We helped Brazil’s largest bank, Bradesco, to launch a full-service digital bank “Next” targeting, challenging and influencing younger people through their specific needs. It grew from zero to ten million customers in four years. We also recently worked with the National Bank of Kuwait (NBK) to create and launch Weyay, Kuwait’s first fully-digital bank, which is designed to serve the evolving financial and lifestyle needs of young Kuwaitis. From fully digital account management, to saving pots and even brand partnerships, the service humanises technology and eliminating friction creates stronger relationships through the brand experience. Britcoin can learn from global innovations like these to meet the needs of younger, digitally native audiences. But to make a digital pound useful to older demographics, brands and government agencies will need to ensure they bring them on the journey too. 98% of 99% of Gen Zers use digital banking apps – whereas engagement for Gen X and Boomers stands at 86.5% & 69.8% Millennials and Finance Monthly. Financial Innovation & FinTech 57

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