If someone asked where you were the first time you logged into online banking, would you remember it? What about the last time you wrote a paper check? As the digital transformation begins to take hold and weave its fabric of data throughout our everyday lives, some are still questioning whether digital banking is here for good. Our perspective? Fasten your seatbelts because technology continues to accelerate at exponential rates, and we have only just begun to scratch the surface.
By 2025 it’s estimated that there will be over 38 billion connected devices around the world. By 2030 that number is expected to reach 50 billion. To put those numbers in perspective, there are 1.35 million tech startups in the world, 5.29 billion mobile phone users and 90% of the world’s data has been collected in the past two years. Not to mention, there’s 127 new devices connected to the internet every second.
So what’s driving all this innovation? If you guessed those pesky Gen Z and Millennials, you are correct. Despite their bad reputation, Millennials are emerging as leaders in technology and will comprise 75% of the global workforce by 2025. When combined with Gen Z, the younger generations account for over 50% of the world’s total population. The digital divide that separates the two is what they value and how they use technology. It’s estimated that nearly 100% of Millennials are connected to the internet in some way, and they’re the first generation to prefer mobile devices over PCs and laptops. Gen Z, also known as Zoomers, are digital natives and have an even closer relationship to the internet than previous generations, so they prefer self service options and place a lot of importance on their digital identities. While it’s still too early to know how this generation will transform the way we bank, we do know that both generations have changed the way we approach customer service.
Running a business from a smartphone
Whether it’s Gen Z or Millennials, the demand for a seamless digital experience is here, and the future of business is mobile. Because Millennials are accustomed to having enhanced mobile capabilities as consumers, they want the same digital experience for their customers. However, due to stagnant innovation and market saturation, traditional banks haven’t been able to keep up with their technological demands. Therefore, it’s up to financial technology (fintech) companies and forward-thinking digital banks to fulfill their unmet needs. That’s why, we have invested heavily into our team, technology and infrastructure to provide the next generation of small- and medium-sized business owners and founders with powerful digital tools to address key challenges, control their finances and deliver value to customers from any device, anywhere.
While the pace of innovation is fast, there’s still a lot more work left to be done. Over the past few years, small businesses were disproportionately impacted by the pandemic and have traditionally been underserved by financial institutions, which resulted in the displacement and alienation of a vital part of our economy. However, Grasshopper is uniquely positioned to help solve this problem because it is a startup that was designed to be digital, and we’re focused on where we are going, not where we have been. Combined with leading-edge technology, solutions-driven products and super service that has no geographical bounds, Grasshopper can help meet the demands of business owners and innovators across the country.
Forging and establishing new relationships with the next generation of business owners is a priority to us because we understand that when you have the proper tools in place to run a business – and run it efficiently – it leads to better utilization of resources, increased productivity, and more problems solved. We also know that with each technological innovation comes more possibilities and opportunities, which keeps costs low and increases accessibility for everyone. The era of paper checks is out the door, and cash is taking the back seat, which means the demand for innovative technology and user experience (UX) are the drivers. And in order to keep up with the better, faster mentality of next generation business owners and founders, it requires a deep commitment to endless innovation. Are you a business owner or founder who is ready for a fully digital, integrated and seamless banking experience? The Innovator Business Checking account at Grasshopper is not just the solution you’re looking for, it’s what you deserve.
By Brana Webb in Business Checking