OBSERVATIONS FROM THE FINTECH SNARK TANK
They might be looking to create their own digital wallet to compete with Apple, Google, and the big banks, but if they are, they’re barking up the wrong tree.According to a new report from Cornerstone Advisors,, community-based financial institutions should set their sights on offering a specialized digital wallet focused on helping consumers manage the finances of their Gen Z and Gen Alpha children.
These tools, however, typically lack the features and functionality to help consumers manage their family’s finances, nor do they help parents monitor, control and guide their children's’ spending activity. In addition, banks have done little to develop products to address the younger segments beyond offering “youth savings” accounts.