The Story Wave 31

1: Financial Services: An Industry Snapshot   

Our recent report on the state of the financial services industry explores consumers’ thoughts about digital wallets and personal finance apps. Here are some key takeaways:

• Only half (52%) of US adults agree that they would rather work with a financial advisor than use a personal finance app.
• Five in 10 (49%) young adults (ages 18-34), but only one in 10 (10%) older adults (55+) have used personal finance apps.
• Of those who have used a personal finance app, 70% agree that they changed their spending habits after they started using the app.
• The majority (60%) of US adults agree that physical payment cards will eventually be phased out in favor of digital wallets.

2: SoFi Benefits From 2023’s Economic Headwinds – Brand Story

Launched in 2011, SoFi is an online bank and personal finance company that is widely known for its student loan refinancing services. While the online bank remains unprofitable (as of Q3 2023), 2023 has proven to be a year of significant growth.

• According to QuestBrand data, SoFi’s brand equity significantly rose among SoFi’s target customer – high earning, young adults (defined here as Millennial and Gen Z adults with an income of $100k+) throughout 2023. Among this demographic, SoFi’s brand equity rose +9.3 throughout Q3.
• What made SoFi so appealing? Recently, Americans have been hit with several economic hurdles – high inflation, interest rate hikes, and restarting student loan payments. SoFi’s offerings have appealed to consumers looking to navigate these turbulent financial waters.
• For instance, SoFi offers some of the most favorable student loan refinancing options on the market. After several years of paused Federal student loan payments, payments resumed at the beginning of October. This could have contributed to SoFi’s significant brand equity jump in Q3 as Americans look for new ways to manage their student debt.

What to learn what other factors contributed to SoFi’s Q3 brand equity growth? Read the full brand story now.

3: Four Gen Z Marketing Trends From 2023 – AdAge

As we close out 2023, AdAge released a compelling article that chronicles the top Gen Z trends from 2023. This youngest generation of adults is gaining buying power, and brands are eager to understand their unique priorities and preferences.

Take a look at a few interesting pieces of Harris Poll data featured in the post:

• 90% of Gen Z say that they are personally concerned about climate change and the environment.
• 73% of Gen Zers (and Millennials) say that they seek out environmentally-conscious brands.
• 82% of Gen Z teens agree that there is still a lot to be done in the fight against racism.
• 76% of Gen Z women want to see more women of color embraced in companies’ services and products (not just marketing campaigns).

Did you enjoy these stats? Read the AdAge article for many more compelling statistics and generational insights!