- Brightfin has launched its financial wellness app, designed to help young consumers manage their money wisely.
- It allows users to categorise spending into four categories: spending, splurging, saving and sharing.
OUR TAKE
“Spending by Gen Z consumers is expected to increase sixfold by 2030,” PYMNTS Intelligence study states. As incomes rise, financial institutions are developing new products for Gen Z, and 95% of credit unions are committed to increasing Gen Z membership. The launch of this app can help young people with money.
–Zora Lin, BTW reporter
What happened
Brightfin launches its financial wellness app, aimed at helping younger consumers. “Gen Z and millennials think differently about money than their parents, but financial guidance hasn’t kept pace with their changing needs and priorities.” Brightfin co-founder and CEO Christine Devane says in a July 18 press release.
According to the release, the app includes a slippable interface where users can sync their accounts and track spending by swiping left and right.
“We develope Brightfin to help the next generation understand their money and remove the anxiety of managing their finances. Our slippable app makes tracking spending feel more like a video game and creates a daily activity that they really look forward to.” Devane says.
It also allows users to categorise their spending into four categories: spend (things they need), splurge (things they want), save (savings) and share (gifts and donations).
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Why it’s important
Gen Z lives in the digital age and is largely made up of digital-first consumers, so they will be an ideal market segment to pursue by fintech companies that value the convenience of mobile banking and digital payments. Many fintech companies recognise this.
Brightfin’s financial app responds to the needs of the new generation of consumers, conforms to the consumption trend of the digital age, and is more easily loved by young people. Sliding interfaces and video-game-like spending tracking make financial management more fun and intuitive, helping younger users feel more comfortable managing their spending.
Development of the app reflects fintech industry’s response to the needs of a new generation of consumers, especially for young people with a greater emphasis on personalisation, visualisation and interactivity. This personalised financial tool helps build closer user relationships and deeper user engagement.
