In 2020, 73% of Gen Z consumers were willing to pay more for sustainable products (First Insight report).
The younger generations are folding their cards
Younger generations are prioritizing expressing their personality through all consumer products and Generation Z is the first to be made up entirely of digital natives. The rise of influencer marketing partly explains why lifestyle brands and products are growing rapidly. While advertising and home shopping defined the pre-social media era, influencers shape the next generation’s purchasing decisions. This market of 2 billion euros in 2016 has grown to 15.2 billion euros this year.
It is therefore not surprising that the financial world is trying to capitalize on this trend. Apple’s brand expert even ventured to introduce a titanium credit card. It is marketed as one of a kind and allows consumers to differentiate themselves in their lifestyle. With customer experience at the heart of these strategies, how can banks and fintechs venture into lifestyle banking?
The design redesigned in a logic of impact
In the UK, Monzo was one of the first banks to have services available only through a mobile app. To disrupt the established mainstream banking market, the company created a bank card in neon and coral colors that gave it a distinctive look. The bank’s head, Hugo Cornejo, described it as a deliberate move to grab people’s attention and spark discussion when making purchases.
By knowing the motivation of consumers, banks and fintech can select a design that reflects exclusivity, innovation, or sustainable practices for customers who want to support environmentally friendly initiatives. For example, a metal card can withstand a fast-paced lifestyle and is characterized by its longevity and super-slim design. “Eco-cards” made from bioplastic, 100% recycled plastic from the ocean, may also catch on with environmentally conscious consumers. In 2020, 73% of Gen Z consumers were willing to pay more for sustainable products (First Insight report).