Millennials are reshaping the FinTech industry
Who are the Millennials?
Today we are surrounded by millennials. Maybe most of us are millennials. According to Pew Report, anyone born between 1981 and 1996 is considered a millennial and this age range makes them the largest cohort of adults in the world today. It’s huge! A generation of digital natives – we call them millennials. A generation of young people who grew up when technology was turning the world into a revolution. A generation of tech-savvy people who started when technology was still analog and then adapted to a touchscreen lifestyle have high expectations for streamlined digital processes and services. The FinTech industry today understands that it needs to target those 18-36 year olds who are not only tech-savvy, but are also shrewd managers of money and have a clear idea of what they want and how. which they want. Mr. Satyam Kumar, CEO and Founder of LoanTap said, “Millennials are smart and a very cautious generation of young people. These borrowers have the world at their fingertips, so they believe in making very informed decisions. When it comes to making borrowing decisions, they are more likely to turn to price comparison sites, or go to traditional lenders or people with whom they have a history or are familiar. they have known before.
Millennials are dynamic and tech-savvy, they strongly believe in the power of research. The financial industry understands that this demographic believes in old-fashioned relationship building and having personal contact with lenders in person rather than just being online. Millennials are part of a booming demographic and companies like LoanTap understand that they are an ambitious and ambitious generation.
Millennials live in rare times and LoanTap understands
We know that the cost of living is rising and that millennials are suffering the consequences in the form of high monthly expenses. Thus, FinTechs try to design tailor-made programs that can help them overcome these difficult but rather important events in their lives. Say, for example, wedding, honeymoon, international travel, medical emergencies are just a few examples where loan companies like LoanTap can help them manage their cash flow without disrupting their budgets. Mr Satyam keep on going, “Millennials are extremely tech-savvy and expect a seamless, digitally-enriched customer experience at the touch of a button. Yet they value relationships. The best way to reach this vast audience is to be transparent, to be prominent and visible and, above all, to give them the freedom to connect according to their needs.
The world has been through the Great Recession, the Great Resignation, the Pandemic and this has resulted in changing economic climates all over the world. The economic overhang has made millennials conscientious spenders. We know that this demographic is rapidly moving towards digital banking and crypto. And while they’re doing all of this, they’re also defined by debt. Companies like LoanTap have therefore created loan solutions with flexible durations and very practical options like interest payments over 3 months and Bullet payments towards the principal every 3/6 months, among others. Their processes and solutions are transparent and there are no foreclosures or pre-closures that could put the borrower in a difficult situation.
Tailor-made solution for clever demography
The financial industry is definitely respecting this generation’s demand for transparency, simplicity, and options to decide what’s best for them. Communication is essential with this generation. With technology at their fingertips, they expect nothing less than seamless transactions and processes that are all done online. Engaging with them from the start, using all of their communication and information channels and building their trust is key to leveraging this generation and this remains the key principle. Millennials are homebuyers and have a huge appetite for new vehicles. Millennials being ambitious as they are have increased the possibilities of payday loans or car loans etc.
CEO and Founder of LoanTap, Mr. Satyam goes on to say, “Millennials are adaptable and tech-savvy. They are the biggest fintech users and customers. This is Lifestyle Banking for you. The MENA region itself has seen tremendous growth in the fintech sector. They respond better to non-financial products and therefore may be attracted to services rather than offers. They want accountability coupled with authentic and honest service experiences. They want advances in technology as well as human presence. They are descendants of baby boomers. They saw the struggle of their parents. So they want to get rid of the inconveniences. Give them a mobile app facade or a digital facade. While the world thinks they’re flouting caution, that’s not quite true. They are risk averse and yet ambitious. Therefore, trusted fintech companies have their work cut. Maintain millennials but keep them independent.
Millennials are an ambitious generation and LoanTap understands this philosophy of this generation. To show this support, LoanTap offers enhanced financial assistance with personalized solutions they can use at different stages of life. Whether it’s experiences like vacations or buying lifestyle upgrades like gadgets and devices, higher education or healthcare, or debt management, LoanTap provides aids financial institutions with lower credit rates and faster processing times. It gives them the leeway and freedom to aspire to the lifestyle they desire and deserve. ‘Bringing dreams to life while granting the ‘Freedom of choice’ to our customers is our built-in philosophy and we will continue to work towards this and deliver the life they deserve.