LOS ANGELES, CA / ACCESSWIRE / November 5, 2020 / Nils Larsen is a financial manager in Los Angeles, CA. He believes that millennials and Gen Z may have more wealth than they can dream of by 2030. According to MSN, Nils Larsen knows what he's talking about. As baby boomer parents die, their immediate airs will inherit up to $68 trillion in the next decade. This nest egg waiting to hatch is one of the most massive of modern times. With banks facing tougher competition than ever before, where will Gen Z and millennials put their money?
Nils Larsen Discusses How Millennials and Gen Z Relate to Banks
Millennials and younger Gen Z consumers largely treat banks as a place to complete transactions, says Nils Larsen manager. They gladly switch to competitors if offered a better deal.
This is a problem for banks that rely on customer loyalty to get and keep the money for investments. Nils Larsen believes that some banks are struggling just to stay alive. Meanwhile, millennials are moving to internet-based financial institutions, including nonbanks. PayPal, WhatsApp, and other applications also make it easy to transfer cash without using banks, according to Nils Larsen.
Main Street Banking Must Evolve According to Nils Larsen
Digital banking applications don't yet provide a comprehensive outlook for individual and commercial finances. However, they will eventually catch up. This means that traditional banks have to adopt ways to compete with online mavericks. A bank built for millennials must adopt autonomous financing, and personalization may be the key for old or new players to win the hearts and minds of Gen Z.
Nils Larsen believes that all banks could do a better job with their mobile banking apps. Gen Z, for example, grew up after the digital revolution and has never known anything else. They expect a high level of engagement, including chatbots, easy-to-use features, and banks that facilitate bill paying and other services.
Nils Larsen urges banks to deliver this personalized, upgraded experience if they want a piece of the pie, including the $68 trillion going to millennials and Gen Z when their parents die. This can be done by using AI and machine learning to get to know customers and make their online transactions seamless no matter what device they are using.
Some FinTechs are appealing to millennials with creative banking features. This includes using AI to automatically rebalance investment portfolios. Nils Larsen thinks that Gen Z and millennials are tired of banking like their parents in a world that has discovered Instagram and instantaneous transactions.
Web Presence, LLC
SOURCE: Nils Larsen