Millennials reshaping the FinTech sector

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Who are the Millennials?

Today we are surrounded by millennials. It may be that most of us are millennials. According to the Pew Report, anyone born between 1981 and 1996 is considered a millennial and this age range makes them the largest adult cohort in the world today. That’s huge! A generation of digital natives: that’s what we call 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 way of life have high expectations of streamlined digital processes and services. The FinTech sector today understands that they need to target these 18-36 year olds who are not only tech-savvy, but also shrewd money handlers with a strong sense of what they want and how they want it. Mr. Satyam Kumar, CEO and Founder of LoanTap He says, “Millennials are a smart and very cautious generation of young people. These borrowers have the world at their fingertips, so they believe in making well-informed decisions. When it comes to lending decisions, they are more likely to go to price comparison sites, or go to traditional lenders or people they have a history with or have met before.”

Millennials are dynamic and tech-savvy, they definitely believe in the power of research. The financial industry understands that this demographic believes in building old-school relationships and having personal contact with lenders in person rather than simply being online. Millennials are part of a growing demographic and companies like LoanTap understand that they are an ambitious and aspiring generation.

Millennials living in a weird era and LoanTap understands

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We know that the cost of living is rising and millennials are facing the brunt in the form of high monthly expenses. Therefore, FinTechs try to design tailor-made schemes that can help them through those difficult but quite important events in their lives. Say, for example, weddings, honeymoons, international travel, medical emergencies are just a few examples where lending companies like LoanTap can help you manage your cash flow without breaking your budget. Mr Satyam keep going, “Millennials are highly tech-savvy and expect a seamless, digitally-enriched customer experience at the push of a button. However, they value relationships. The best way to reach this huge audience is to be transparent, to be prominent and visible, and most importantly, to give them the freedom to connect based on their needs.”

The world went through the great recession, the great resignation, the pandemic, and that manifested itself in the form of changing economic climates around the world. The economic excess caused millennials to spend conscientiously. We know that this demographic is rapidly moving towards digital banking and cryptocurrencies. And while they’re doing all of that, they’re also being defined by debt. Therefore, companies like LoanTap have created loan solutions with flexible tenures and really convenient options like 3-month interest payments and Bullet payments towards principal every 3/6 months, among others. Their processes and solutions are transparent and there are no prior foreclosures or closings that can put the borrower in one place.

Tailored solution for a savvy demographic

The financial sector definitely respects these generations’ demand for transparency, simplicity and choice to decide what is best for them. Communication is key with this generation. With technology at their fingertips, they expect nothing less than seamless transactions and processes to take place online. Engaging with them early on, using all of their communication and information channels, and building their trust is key to tapping into this generation, and that remains the key principle. Millennials are home buyers and have a strong preference for new vehicles. Millennials, being aspirational as they are, have increased opportunities for payday loans or car loans etc.

LoanTap CEO and Founder, Mr. Satyam goes on to say: “Millennials are adaptable and tech-savvy. They are the largest fintech users and customers. That’s Lifestyle Banking for you. The MENA region itself has seen huge growth in the fintech sector. They respond better to non-financial products and therefore may be attracted to services rather than offers. They want responsibility along with authentic and honest service experiences. They want the advancements of technology along with the human presence. They are descendants of the baby boomers. They have seen the struggle of their parents. So, they want to do away with the inconvenience. Offer them a mobile app front or a digital one. While the world thinks they’re throwing caution to the wind, that’s not entirely true. They are risk averse and yet aspirational. Trustworthy fintech companies therefore have a lot of work ahead of them. Support the millennials but keep them independent.”

Millennials are an aspiring generation and LoanTap understands that philosophy of this generation. To show this support, LoanTap provides enhanced financial assistance with personalized solutions that can be used at various stages of life. Whether it’s experiences like vacations or the purchase of lifestyle upgrades like gadgets and devices, higher education or health care, or debt management, LoanTap ensures financial assistance with lower credit rates and faster processing times. . This gives them freedom of action and the freedom to aspire to the lifestyle they want and deserve. ‘Bringing dreams to life while giving the ‘Freedom of Choice’ our clients is our integrated spirit and we will continue working to achieve it and materialize the life they deserve.

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