CHAPTER FIVECOMMUNITY IS YOUR COMPETITIVE ADVANTAGE
Building a fintech company in today’s crowded market isn’t just about promising wealth anymore. It’s about creating an experience that deeply resonates with consumers, giving them a greater sense of purpose and connection. That’s why investing in community building is crucial for any fintech company. When done right, it can unlock market share, and it’s exactly what the next generation of wealth builders crave.
Take Gen Y and Gen Z, for example. They make up 47% of the US population and inherit $541 billion annually, which is about 30% of the wealth transferred today. This percentage is only expected to grow, according to a 2022 Fidelity report.1 Gen Z, the most diverse generation yet, with 48% of 7- to 22-year-olds identifying as non-white, is passionate about making money and making a positive difference in the world. They are coming together as a community to drive change, and digital financial services are one of their most effective tools. By embracing fintech, Gen Z can coordinate, collaborate, and take action more innovatively and efficiently.
INVESTING IN GEN Z
A great example of a fintech start-up using “community” as a core pillar is Alinea Invest, a fintech app offering investing and wealth management aimed at Gen Z women. From my observations, Alinea taps into all six hallmarks of its target user: diversity, life path, values, FOMO, mental health, and technology. Community is at the heart of their value proposition. ...
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