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Summit View: Demands of Different Digital Market Segments

Our expanded FinovateFall conference is coming up on September 11 through 14, and we’re taking a look at each of the six summit discussions that will take place after the demos. Today, we’re examining digital markets.

Summit #5: Digital Markets

Know your customer is an important regulation to abide by. But it is also a key marketing principle. Because every market is different, the only way to successfully up-sell and cross-sell products and services is to know and understand how tastes and preferences can vary in different markets.

Here’s an examination of four major digital markets. Each section outlines the group’s preferred channels, thought principles, and a set of services generally important to that group.

Underbanked

  • Preferred channel: Mobile only
  • Key principles
    • Liquidity
    • Real-time money movement
    • Simple and transparent communication
  • Services needed
    • Prepaid
    • Check cashing
    • Credit building and education
    • Basic budgeting
    • Billpay
  • Company examples
    • Urban FT (pictured right)
    • PayNearMe
    • Refundo
    • Mobino
    • LendUp
    • Wipit

Youth

  • Preferred channel: Mobile first
  • Key principles
    • Fun
    • Simple and transparent language
    • Gamification and interactivity
  • Services needed
    • Financial education
    • Savings
    • Parent-loaded prepaid card
  • Company examples
    • FamZoo (pictured)
    • Oink (f.k.a. Virtual Piggy)
    • PlayMoolah
    • DoughMain
    • OnDot

Millennials

  • Preferred channel: Mix of mobile and web
  • Key principles:
    • Limited use of credit
    • Simple UI/UX
    • Easy access to move and spend money
  • Services needed:
    • Retirement saving and advice tools
    • Saving and budgeting tools
    • Debt repayment tools
    • P2P payment service
    • Billpay
    • Auto and home loans
  • Company examples
    • Moven
    • Qapital (pictured)
    • Tuition.io
    • Student Loan Genius
    • Roostify
    • FutureAdvisor (owned by Blackrock)
    • Acorns
    • AutoGravity

Seniors

  • Preferred channel: Mix of web and branch
  • Key principles:
    • Account security
    • Liquidity
    • Earned interest
    • Tax mitigation
  • Services needed:
    • Fixed income budgeting
    • Investing tools
    • Wealth management and advisory services
    • Estate planning
    • Tax planning and mitigation
    • Fraud protection
  • Company examples
    • TrueLink (pictured)
    • AARP
    • EverSafe
    • WiseBanyan

The upcoming Digital Markets Summit at FinovateFall will offer a day of discussions from industry thought leaders, top fintechs, and banks. Be a part of these live panel discussions at FinovateFall; register and save your spot at the show. A few summit highlights include:

  • Underbanked and financial inclusion
  • Youth (age 7-18) and their parents
  • Millennials
  • Seniors
  • Financial management in the gig economy

This is the fifth of our six FinovateFall Summit series. Stay tuned next week, when we’ll cover future technologies.