Youth Open Banking: An Emerging Market for Financial Services
The youth bank segment is becoming an increasingly important area for companies as young people are increasingly turning to fintech and open banking solutions to manage their money. Open banking, which allows people to share their financial data with third parties to access new financial products and services, is particularly popular among the youth, as it offers a range of convenient and accessible options.
App Subscriptions Revenue: A Lucrative Market for Tech Giants.
As app subscriptions revenues continue to rise, companies such as Apple and Google are taking advantage of the low competition in the market and reaping the benefits. However, countries like South Korea are taking steps to create a more fair system for publishers and developers by passing laws that prevent the use of only Apple and Google’s payment systems for the sale of digital products and services.
Open Banking in Latin America: A Promising Future.
Despite these challenges, the future looks promising for the youth bank segment and open banking in Latin America, where a large proportion of the population is currently unbanked. New regulations, technology, business models and consumer trends are making it possible for fintechs and open banking providers to create inclusive solutions that can bring millions of people into the financial system. Investment in the fintech sector in Latin America more than tripled in 2021, compared to the previous year, and this trend is likely to continue as young people in the region increasingly turn to open banking solutions to manage their money.
Global Financial Services Firms Embrace Youth Banking.
Leading global financial services firm, Morgan Stanley, has also recognized the importance of the youth bank segment and has partnered with fintech company Greenlight to offer an easy and convenient way for families to teach kids about financial literacy. This move is a great way for companies to compete in the youth segment and help ensure that the next generation has the knowledge and skills they need for a healthy financial future.
Innovative Solutions for Youth Banking and Open Banking.
In addition to the partnership with Greenlight, there are other innovative companies in the space of youth bank and open banking, like Gimi. Gimi is an app that leverages open banking solutions to teach children financial literacy, providing a range of tools and resources to help young people learn about money management. The app includes a variety of lessons, a virtual piggy bank, and a solution for including chores in their allowance, creating a unique and interactive experience for kids to learn about finances in an engaging way.
Gimi: A Dual App Experience for Parents and Children.
Gimi also offers a dual app experience, where the parent and child are connected, providing transparency and security. This allows parents to monitor their child’s spending and progress, while also giving children the independence they need to manage their own money. Gimi’s open banking integration allows for easy tracking of transactions and balances, making it a valuable tool for both children and parents.
Conclusion.
With the increasing popularity of open banking, companies like Gimi and Greenlight are leading the way in providing innovative solutions for the youth bank segment. These companies are helping to ensure that young people have the knowledge and skills they need to manage their money and make informed financial decisions, creating a better financial future for everyone. You can download here below and try it out for yourself.