Attack of the Apps: Millennials and Business Finance

 

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It's clear that it is, for the most part, a digital world. The amount of information one can consume is getting bigger, phones are getting smaller, and everything is moving faster than before. The realm of business finance is no different. With banking and fintech apps continuing to grow, we are seeing a surge of millennials take to business finance in a way their predecessors did not and could not.


Finance is something that even many business owners tend to shy away from as much as possible. Sure, finance can be daunting for even the most number-minded of entrepreneurs, and certainly, it is no walk in the business park for those who are not fans of numbers. However, with the growth of finance apps, we are seeing the disconnect between business-minded people and finance start to shrink.

Business Finance Apps

Last week saw the explosion of Acorns - the fastest-growing micro-investing app in the U.S. with over 2 million investment accounts - and Clarity Money, the quickly growing personal finance app with 450,000 users. Clarity Money is founded by Adam Dell, brother of Dell Technologies CEO Michael Dell.

Finance apps have set out to remedy a very specific problem. Industry insiders at GR-US.com suggest that in an ever increasingly hectic world, people (millennials especially) are looking for a way to integrate a more holistic approach to finances into their everyday lives. Fintech apps allow you to do just that. For the uber-business minded professional to the everyday person, younger people are looking for ways to make sense of their finances in a simple way that fits into their lifestyle, and this is where fintech apps fill that gap.

Why So Popular?

Making it super-simple to set aside money is highly important to millennials, a demographic that demands apps that take the complexity and abstractness out of personal finance. But marketers will need to develop more than just an aesthetically pleasing app interface to keep their consumers – they will need to continue to build apps that speak the language of finance in a way that the majority can understand. They have to deliver clear, consistent and contextual campaigns that are compelling and easy to understand.

With this increased awareness of business finance needs, we are likely to see a continued, accelerated growth in fintech apps in the coming months. As these apps continue and become even more user intuitive, the future of business finance may see younger experts than ever before. Certainly, for the business-minded millennial, it is as good a time as ever to practice good finance habits from the comfort of a smartphone.




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