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How the value system of the millennials is disrupting the lending industry

Millennials did not drop from the sky either are they aliens who can easily penetrate the entire fabric of a society. They are flesh and blood, who happen to have been born between 1980 and 2000. I don’t know exactly what makes them so special aside their affiliation with the digital age and their distinct value system. The millennials value system is unique, and it is defined by their desire for mentorship, relationship, control, and love for technology. Trust me I could go on and on about the noticeable qualities of this group of people. However, the remarkable thing about the millennials is their ability to transcend their value system into our daily lives and the marketplace. This powerful influence has been associated with their purchasing power and ability to influence the older generation. A recent study shows that millennials have a purchasing power of over 1 trillion dollars in the United State of America. The influence of the millennials cut across every marketplace including the robust lending industry. What this implies is that only businesses that can employ the value system of the millennials in their product or services will be relevant in this generation. The focus of the article is to identify those value systems that are currently being leveraged by the lending industry today.

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1. Put your business online

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I can boldly say that the millennials pioneered the successful launch and operation of the online media we have today. We are the true pioneers of the digital age. Today, the online platforms accommodate trades, businesses, entertainment and social interactions. It is difficult to find a thriving business without an online presence even the governmental agencies have websites.

When the online movement started about a decade ago business-like Toy ‘R’ Us did not capitalize on it. Rather, they outsourced their online trade to Amazon and today they are struggling to build their online customers. The Lending industry is no exception and they are not lagging even when the stakes are high. Today, there are lending businesses with massive online loan services that allow users access to instant cash and numerous lenders. The Payday loans in Canada is one of such credible online lending platform. Although the older generation still prefers the conventional banks and financial houses, the millennials prefer online services.

2. Integrate blockchain into your business

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The blockchain is here to stay especially because it promises transparency, eliminates the third-party transaction, reduces theft and fortifies the privacy of its users. As a millennial, I am so excited because finally there is a solution to curb internet theft and fraud. Millennials are all about convenience, time-saving and tech lovers. According to the Blockchain, Capital survey, when millennials were asked to choose between $1,000 worth bitcoin and $1,000 worth traditional financial asset, 27% of millennials chose bitcoin while 30% chose bitcoin over government bonds.

This is a wakeup call for the lending industry to start looking at how they will integrate blockchain into their financial operation. Although some business like Lendoit is already adopting blockchain in its lending transactions and hopefully more businesses will join this wagon.

3. Create an app for your business

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It is impossible to separate millennials from their smartphones and other smart technologies. We are the true tech lovers. It has been reported on a Market Watch that 77% of the millennials own a smartphone and spend an average of 2 hours daily on their phones.

This implies that the smartphone is one of the quickest ways to interact with the millennials. Trust me some businesses are already leveraging this opportunity and making a huge profit. The only way to fully achieve this is by creating apps specifically for smartphones. For instance, Starbucks introduced mobile wallet apps which basically makes it effortless for consumers to pay and get additional perks. Fintech apps arose a result of increase on entrepreneurs among millennials. Fintech apps is an all-encompassing term that consists of financial education apps, investment apps, cryptocurrency apps, retail banking apps and much more.

Lending business should not limit their online presence to websites, but they need to go the extra mile to create an app for their product site. This is a way of using the millennial value system to their advantage.

4. Create a social presence

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The social media has evolved from just catching up with an old friend to a platform for numerous activities. One those activity is customer relation. Businesses are now able to interact with their customer, answer their queries and even take their feedback via the social media. This is fun and interesting. It is truly a connected world. For millennials, this is important because they spend a huge part of their time on the social media and they expect their rands to do the same.

One good thing about the social media is the reviews and comments businesses receive on their product or campaign. This level of interaction is important to the millennials because it helps guide their decision to a product or services. Imagine if the comments are bad, how will that business cope in the marketplace. On the other hand, this is a welcome development because it compels businesses to always give the customers first-class services. After all, in business, the customer is always right.

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