The new-age generation has finally come of age – a generation comprising of all millennials and part of generation Z. This are children born between 1980’s and mid 1990’s and they’re slowly filling the working class. They’re also notably interested in starting businesses even from a early age. This is also the generation feasts on technology and are to be found on their phones/gadgets almost the whole day. This new generation has come with its own unique needs and wants and this is not a problem, rather an opportunity for companies which are mostly run my baby boomers to strategize on making new products that will suit this new-age generation.
“Businesses are going out because they’re failing to tune to the frequencies of the new age customer” #unbankyourself
— Shiko-Msa (@Shiko_Msa) March 13, 2017
One sector that needs to keep up with the changing times is the hitherto clinical and archaic banking sector. Banks serve as institutions where we can securely put our money without worrying about it getting stolen. The new-age generation does not like carrying money with them everywhere and prefer products that allow them to make transactions without having cash at hand. Credit and debit cards are able to do this but this generation is always on phone so it makes more sense to have their banking products on their phones too.
Millennials do not just want things now now for the sake of it. Its coz its actually possible. Eg Uber, digital banking, #unbankyourself
— Shiko-Msa (@Shiko_Msa) March 13, 2017
Therefore, investing in products that that can be used on the phone and on the go is a worthy venture Commercial Bank of Africa (CBA) has seen this opportunity and created Loop, a new and edgy money management tool targeted at both individual consumers and entrepreneurs. It is a full banking service delivered through a mobile and web application that allows you to be in complete control of your finances.
With this in mind, why is loop a good product for millennials and part of generation Z, or as We like call it, the new-age generation.
No Paper Work
The old banking system has a lot of paper work that is always tiresome. Filling details which are sometimes not even necessary. When you mistake even for one detail, you are forced to do the whole paper work again. Some questions asked in the forms may not be as clear as expected. This can be frustrating especially when you are in a rush. Most would consider it a waste of time and even not set up a bank account.
However, setting up a loop account requires no paper work and no fuss. The entire application is done on mobile and web applications. This works well with the new-age generation. The best part is, when one finishes with the application online, one can easily pick their debit cards immediately. You do not have to wait for weeks before your Loop card is out and can easily get it from any Loop store.
Loop is equivalent to, no paper work, less hustle on the banking process and more focus on one’s own hustle.
No Queues
When anyone wants to make any transaction in the bank, the thought of not going to the bank always crosses one’s mind. The main reason is the assumption of having to wait in a long queue in the banking hall and financial institutions to be served. This always pushes the new-age generation away from making transactions in banks and would rather have their money at hand to avoid the frustration of making long queues.
With Loop, one does not need to go to the bank and make that long dreadful line just to be served. One only needs a mobile or web application and you can make any transaction at the comfort of your own place and even time.
Keep track of transactions anywhere and anytime
With the normal old banking system, whenever one wants to find out one’s account balance, one has to go to the bank or ATM machine. This old system also does not keep track of your spending, where and what you spent on, and the amount you deposited.
Loop enables one to keep track of all transactions from expenses, particularly, small expenses that people overlook, paid bills, sent and receive money from fellow Loopers and any deposits Loopers make through the phone. The new-age generation who are already (or want to be) informed in personal financial management will highly benefit from Loop.
A Looper is also able to keep tracks of one’s financial goals with the application.
Ease of access to loans
Most people who have business ideas and plans are afraid to execute them. This is because, accessing money to be able to execute your business idea is sometimes difficult. The process of getting loans, particularly in banks, is long and involves a lot of paper work and sometimes provide collateral before you take the loan.
Loop allows their customers to take a loan as early as 3 months especially if you are an active Looper. The application process also requires less paper work. The new-age generation can therefore use this opportunity to start business and be able to sustain themselves ones their businesses flourish. Once a Looper’s business flourishes, they can invest it through loop anytime no matter how little where one is assisted through a flexible investment system that allows a Looper to tweak and monitor performance from their App.
A fun and friendly environment
Loop stores are very friendly and full of color. They do not have the boring layout that is in the normal banking hall. That is why they are called ‘stores’ and not ‘halls’. The new-age generation likes doing things in a different way and loop is definitely different. This encourages and inspires Loopers to think differently and act on their ideas. This is a product the new-age generation will definitely profit from.
Loop also gives surprise rewards to Loopers for utilizing specific app features. This include when making purchases, setting up goals, making investments, referring Loop to friends, paying loans on time among many others.
