Young users have access to a wealth of information online and are learning the art of trading themselves. Although most of them do not yet have substantial resources to invest, these ultra-informed clients are quickly becoming professional. In the wake of the lambda users (anonymous person who only uses a site once) of social networks, traders modeled on the TripAdvisor generation now trust performance and demand transparency in operations.
Private individuals are able to take control of their private financial data, to manage and share them. From now on, clients will want banks to offer appropriate management of compliance. The team at Money-ID has set itself the goal of creating the prototype of a unique certificate of financial conformity. This label, for individuals, will certify the ownership of assets, the legality of their origin and their tax compliance, all based on the international mapping of relevant regulations. Each holder of the fully digital “Money Certificate” will be the sole owner of its content, able to use it, in whole or in part, depending on the requirements of any given claimant.
The most connected clients will prefer mobile transfer services integrated into applications they use on a daily basis. François Briod, CEO of comparison platform Tawipay: “If I’m talking to my parents on Skype, I want to be able to send them some money immediately, during the conversation. Or, for example, at a restaurant, we should be able to divide the bill in one click.”
Digital natives want less contact with their banker but of higher quality. For example, if they need to change an address, they want things simple. François Briod, CEO of comparison platform Tawipay: “Just take a picture of my identity documents and my electric bill, which has my new address, and transmit it via a mobile service of the bank. Or, let’s talk on Skype.”
In the age of digital everything, today’s young clients are looking for simple and intuitive financial services, available anytime, anywhere. They have made mobile banking a necessity. In 2016, over 100 million people in the US will use applications like Numbrs that concentrates all of the user’s financial operations, from payment in a store to stock market information. Whether buying a car or planning a trip, this generation is avid for applications like Simple that sugarcoat saving with a layer of fun.
Control of spending
These new customers want to control their spending from one end to the other. Through the Internet, they find solutions for managing their portfolio that are perfectly calibrated to their risk profile. With the primary objective: avoid high bank charges. Arnaud Salomon, founder of eWallex.com platform: “Young investors no longer think traditional banking is the alpha and omega for managing their investments. For example, they will leave 100,000 francs in the bank and then diversify into gold, real estate or bitcoin. This has a reassuring side.”
The sharing economy is also part of the DNA of this client base who selects crowdfunding platforms and peer-to-peer lending for financing or finds resources through online communities. From now on, these users will prefer to invest in companies with an humanitarian side, or become shareholders of a company that actively promotes sustainable development.
From anywhere, at anytime, with any devices that's the way generation Y want to be served and want to work. For all largely dematerialized economic activities, like banking, the time has come to take a good look at the benefits of teleworking. To do so, you need a progressive implementation plan that takes into account the technical dimension, of course, but also trains management and HR (who may fear losing control of employees) and, finally, helps employees organize themselves at home. It is for this purpose that WorkCocoon is developing a turnkey “kit” for teleworking.
At work, personalized social networks will soon allow each parties of the company (clients, employees, service providers …) to interact. Indeed, corporate management will be done through a 360° management and communication tool. In the near future, creating one’s own corporate social network will probably be one of the most unifying projects possible for a company seeking to leverage what is, today, a fragmented and dispersed ecosystem. This is what the founding team of Community Factory in Geneva, developers of the financial network E-merging.com, intends to show with its offer of customized social networks.
You have saved up or you got your inheritance or you tapped your “second pillar” or you sold your business or you just won the lottery. Now, you are looking for a financial advisor to help you manage your assets. Or maybe you already have one, but he’s too expensive or not getting results. At no charge or obligation, taking 5 minutes of your time, Monfric.ch can help you quickly identify a carefully-selected expert within its network.