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Next-generation youth banking using cards & apps blows away the old

first_imgA growing number of fintechs and banking startups in the U.S. and other countries is targeting Generation Z, and even reaching into the younger Generation Alpha, children born after 2006.In the U.S., roughly 25% of the population is under 19. In Europe teenagers and younger kids comprise around 20% of the population. This represents a tremendous market, but typically incumbent banks don’t aim many products and services at Gen Z because they aren’t currently profitable. This contrasts with more financially mature Millennials.Newcomers are outflanking incumbents. The legacy institutions’ lack of interest created a two-fold market niche for challenger banks and fintechs: serving the current “pocket money” needs of young people and building the loyalty of today’s youngest customers for the coming years.73% of American parents provide a regular allowance to their children, a total of $41 billion per year, according to RoosterMoney’s Kids Allowance Report. Part of pocket money is earned from domestic chores. Parents say their goal is to teach children about financial literacy, involve them in useful activities and help them to form healthy spending habits. The parents lived through the Great Recession and want to inculcate thrift. Indeed, in comparison to older generations, Gen Zers tend to save almost as much as they tend to spend right away. When they spend, it’s typically on food — mostly sweets, eating out, video games, toys and books. Most Gen Z consumers prefer in-store shopping rather than ecommerce. However, the older they grow, the more online transactions they make. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Two Arrested from Oil-Spill Cleanup Ship in Greece

first_imgThe captain and 1st engineer of a vessel involved in oil-spill cleanup efforts in Greece have been arrested on fuel smuggling charges, Greek Merchant Ministry said.Namely, the Lassea vessel has been contracted to help clean the oil that spilled following the sinking of the oil tanker Agia Zoni II off the Port of Piraeus on September 10. The vessel had 2,200 tons of fuel oil and 370 tons of marine gas oil on board.The duo was arrested after significant quantities of fuel were found and seized from the vessel without proper documentation.The Piraeus Port Authority, which is in charge of the preliminary investigation, seized the vessel while the arrested are to be brought before the Prosecutor of Piraeus, the ministry said.The oil spill recovery efforts have been vehemently criticized as inadequate and delayed, with opposition parties asking for a resignation from the country’s Shipping Minister Panagiotis Kouroumplis.The minister refuted the allegations, saying that immediate mobilization of relevant assets was made to curb the spill.With regard to safety threats posed by the 1972-built Agia Zoni II, the minister said that the ship, according to the owner, passed all security checks before the incident.It is estimated that the oil recovery efforts might last for another month.World Maritime News Stafflast_img read more