Younger consumers are turning to TikTok for financial insights. How do financial institutions seize the opportunity?
TikTok has over 1 billion active monthly users, and over half belong to Generation Z — the name given to those born from the late 1990s to the early 2010s. If you have resisted the urge to download TikTok, the app’s feed consists of short clips with a myriad of purposes: entertainment, promotional, educational and even physical exercise.
TikTok content creators cultivate close-knit communities of followers around specific interests and produce entertaining, digestible clips for their audience. A highly popular niche — dubbed “FinTok”…
A Q&A with Liz High, EVP — Nymbus Labs
What are the core components of a niche?
It’s critical for a niche bank to have two major components.
Space for growth exists between traditional and challenger banking models.
There are many ways to structure digital bank capabilities for growth while maintaining operational efficiency — a stand-alone innovation lab, a distinct digital line of business or integrating innovation into all new and existing operations.
But as banks compete to capture the 7.1 million unbanked U.S. households, it’s no surprise they’ve ranked business building as a top-three priority. In fact, a recent McKinsey survey found 65 percent of financial services saw revenue growth above that of their competitors as they extended their product offerings to engage new customers.