GZV #28: Innovations for Twitter, and a Bank for Gen Z
Startups. Trends. Markets. All from a Gen Z view.
I want my readers to able to analyze a company like a Gen Z would. For the past few issues, I have been telling you why startups would do well in a Gen Z market. Now, I am going to give insights into how I reach those conclusions so that you can think like a Gen Z.
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As always, please share if you think someone can benefit from this insight!
Let me introduce you to… Atlas.
A little bit about the company:
Atlas is a new type of bank that has a primary focus on Gen Z and millennials.
“All Digital, fee-less, with 24/7 customer support and in-depth analyics. Designed for the way you live. The bank account you can rely on.”
Thoughts on the features
Virtual Cards: You can create cards for select stores, so if they get hacked, your real information is still safe.
The only thing Gen Z really cares about is the autofill feature when making purchases. We don’t memorize our cards, we just click autofill and all the info is there.
Earn points and cash back on everything.
More cash is king to this generation.
All online, no branches.
I mean I don’t remember the last time I went to a bank. Gen Z already does all their banking online, so Atlas is just meeting us where we already are.
Initial thoughts
What’s so different about this bank and why is it going to attract Gen Z?
Gen Z likes products that are easy to use and make sense in their daily lives, with little barrier to entry. Again, think about Apple Wallet’s autofill.
Gen Z doesn’t like change, I am currently with Bank of America, and the idea of moving all my money and information gives me a headache.
Recommendations
Keep innovating off the digital landscape. Is there room for a chrome extension that includes your card information?
Have the transactions be easy to read, I want it to say “Starbucks”, not “01/18 STARBUCKS 800-782-7282 WAS”
Make it easy for Gen Z to switch, like I said we don’t like the challenge of moving around bank information and money.
Final verdict
Gen Z is already all digital, so as long as marketing and product placement are strategized well and customer acquisition costs are low, this product could very well succeed in the Gen Z space.
Gen Z Ideas for Twitter
For years Twitter was widely dismissed by Gen Z, we were more interested in photo-based social media because it was easier to consume content. Now, as we mature I am seeing more and more people on twitter everyday.
For existing users and new users, I think there is a lot of room for innovation on the platform. Here are some ideas I had…
Social DM’s
Yesterday someone I was following reach out and asked if we can meet over zoom. He said that he loves to interview his followers and meet new people. Why can’t Twitter make this interaction easier? If you’re mutually following someone, you should have a place where you can have small video chats to learn more about each other. After all, on Twitter you’re mostly following strangers, it would be helpful to get to know them. Also, if people know their follows better, they will be more engaged.
OnBoarding
When you’re a new user on Twitter, the tough part is finding out exactly who you want to follow. They recently have gotten better by adding interest and suggest followers, but it is no where near the discover page of something like Instagram. When I am a new users I should get multiple lists, accounts, and companies that I should follow. For example if you put football, you should get a lists like, “Most engaged with NFL”, “Professional Football Teams”, “Best Football Analysts”. This would result in much less churn of new users.
Algorithm/Discover
I want to be able to get the best content possible for my interests. This all comes from a better algorithm and discover feature. Right now when I look at the “Startup” topic, I get just a few tweets. I should be able to see hundreds of tweets, accounts, and most active accounts from this space. This also comes from a better algorithm that will be able to understand and sort through each industry and get the best information possible.
Just some thoughts from a Zoomer.
Thanks for listening. ✌🏻
Feel free to email or text with any questions or comments about the newsletter, Gen Z, or startups.
thomas@genzvoice.com