Name: Gen Z: Gamify your way to financial security
Uploaded: 2022-05-06T16:22:06.572Z
Duration: 664.68

chris skinner gen z.vtt

English

{{00:00:00}}
I think for the next generations, it's
obviously the education around money.

{{00:00:05}}
It's going to be very important,
particularly as financial

{{00:00:08}}
services becomes invisible.

{{00:00:10}}
It already is to a large extent.

{{00:00:12}}
As money becomes invisible, it
goes back to what I saying before,

{{00:00:16}}
are you aware of where it's going?

{{00:00:17}}
How it's being used?

{{00:00:19}}
How it's being stored?

{{00:00:20}}
Is it regulated?

{{00:00:21}}
Can it be trusted?

{{00:00:26}}
A lot of younger demographics
are clearly getting into the

{{00:00:30}}
cryptocurrencies and are far
more accepting of good, cool

{{00:00:34}}
apps and trusting them perhaps
more than people of my age would.

{{00:00:40}}
The reason being is that people
who are older and want everything

{{00:00:44}}
to be safe and secure, whereas
people who are younger just want

{{00:00:47}}
to make everything easy and cool.

{{00:00:49}}
And particularly when you look at
non fungible tokens, for example,

{{00:00:53}}
the Bored Ape and all these
things that have been happening,

{{00:00:56}}
Cryptokitties, it's just fun.

{{00:00:58}}
And I think therefore Gen Z are far
more interested in how can money be

{{00:01:08}}
used in a better way, in a more fun
way, maybe in a gamification way.

{{00:01:16}}
And for a long time, we've had a lot
of company companies, specifically

{{00:01:20}}
the payment space and the banking and
saving space saying we should give

{{00:01:24}}
people more experiences where they can
earn points and prizes, rather than

{{00:01:29}}
just doing the same old, same old.

{{00:01:32}}
One of my favorite examples was a
bank that is no longer around, it got

{{00:01:37}}
acquired, called Fidor Bank, which
is one of the first FinTech banks.

{{00:01:41}}
And they would give you more
money on your savings if you

{{00:01:44}}
like their Facebook page.

{{00:01:46}}
For every 2000 likes, the
interest rate would go up by 0.1%.

{{00:01:49}}
And the reason is they wanted
to get you and all your friends

{{00:01:52}}
to be aware of Fidor Bank.

{{00:01:53}}
It worked brilliantly and that.

{{00:01:54}}
And that's the sort of thing I
think there should be more of, to

{{00:01:57}}
be honest, there's not enough of it.

{{00:01:58}}
Do you think that superapps might
be able to support Gen Z and,

{{00:02:03}}
you know, really the younger
audiences and helping to sort of

{{00:02:06}}
improve their financial literacy?

{{00:02:08}}
No.

{{00:02:09}}
And the reason being is that
the superapp structure in China.

{{00:02:14}}
It's actually one that by
most regulations and laws and

{{00:02:18}}
European-American other markets
would not be allowed to be created

{{00:02:22}}
because basically they're integrating
in a superapp platform all of

{{00:02:26}}
your entertainment, financial,
commercial needs together.

{{00:02:30}}
So it'd be a bit like if Amazon
acquired PayPal who acquired Netflix.

{{00:02:38}}
And put them all three together,
seamlessly into one thing.

{{00:02:41}}
And what actually happens is that
most regulators would be fearful

{{00:02:45}}
of that being to big a beast.

{{00:02:47}}
And in fact, that's, what's happening
to China, you know, both Tencent, which

{{00:02:52}}
runs WeChat and WeChat Pay and Alibaba
and ANT group have been targeted by the

{{00:02:58}}
Chinese government to try and break the
super app apart in terms of it's power.

{{00:03:03}}
Because when you get that
sort of power, you could

{{00:03:06}}
be the government yourself.

{{00:03:07}}
In fact, Jack Ma, who you
may know he disappeared, not

{{00:03:12}}
completely, he's still around.

{{00:03:14}}
But he made some comments that offended
the People's Republic government.

{{00:03:19}}
And in particular, I remember one
time when I was at a conference in

{{00:03:24}}
Hangzhou, which is where they're
based, he made the comment that,

{{00:03:27}}
in response to a question, he was
asked, how do you manage Alibaba?

{{00:03:34}}
And he said, management
is for regular companies.

{{00:03:36}}
We're not a regular company.

{{00:03:38}}
We run an economy here.

{{00:03:39}}
So we are more of a
government than a company.

{{00:03:43}}
And that to me resonated.

{{00:03:44}}
But at the same time, I thought there's
no way that Europe or America would

{{00:03:48}}
allow that sort of thing to happen.

{{00:03:49}}
The superapp thing wouldn't be allowed,
but I think what we will see and this

{{00:03:54}}
is what the beauty of the reach of
cloud and smart apps is much more

{{00:03:59}}
focused again on gamification of money
for learning and financial literacy.

{{00:04:06}}
But equally a lot more
financial inclusion.

{{00:04:08}}
And one of the things, again, I was
saying, when we focus on Gen Z, that if

{{00:04:13}}
you could build a social history that
could be trusted, then that could give

{{00:04:19}}
you credit points for opening a debit
card, credit card bank account, because

{{00:04:25}}
we can see your behaviours online.

{{00:04:28}}
If you've got bad behaviours
in social networks, but we

{{00:04:31}}
don't give you so much credit.

{{00:04:33}}
Keeping in mind sort of pre-existing,
you know, social spaces for

{{00:04:37}}
investment chats, things like
messenger based banking apps.

{{00:04:40}}
What other kinds of FinTech solutions
could potentially help Gen Z and

{{00:04:43}}
managing their own financials?

{{00:04:46}}
Well, the challenge is obviously
what do you trust yourself doing?

{{00:04:51}}
And who can you trust online?

{{00:04:54}}
So we've seen quite a lot of these
pump and dump schemes over time.

{{00:04:58}}
And a lot of the Gen Z are the
group that's most attracted to

{{00:05:02}}
and then hurt by those activities.

{{00:05:08}}
So really what we need to do is to
find, going back to the financial

{{00:05:12}}
literacy, a better way to be educated.

{{00:05:15}}
And what's interesting in that you
can think of these things, it's just

{{00:05:19}}
points and prizes, it's not real money.

{{00:05:21}}
But we have seen some of those
behaviours in the investment

{{00:05:24}}
markets and big banks.

{{00:05:25}}
For example, where trade is
treating the investing as a

{{00:05:29}}
casino because it's like a game.

{{00:05:31}}
And when you do that, you can lose
billions in a bank or you could lose

{{00:05:35}}
all your savings or mortgage as an
individual, so it's just learning

{{00:05:39}}
the good and the bad practices.

{{00:05:41}}
As we talk about cryptos massively
been criticised for not being

{{00:05:45}}
environmentally friendly.

{{00:05:46}}
Do you believe there will be a
bigger uptake on green investing

{{00:05:50}}
and green solutions that would
attract Gen Z's future investments?

{{00:05:54}}
Well, the issue with Bitcoin and a
lot of other cryptocurrencies is the

{{00:05:57}}
model and the way they've been built.

{{00:06:00}}
And so they use a mechanism
called proof of work.

{{00:06:04}}
Which means you have to prove that you
did the mining of the Bitcoins and that

{{00:06:09}}
originally in 2009, it could be done
on a laptop and your kitchen, but now

{{00:06:14}}
it requires about 50 different powerful
servers in a hot room to just get one.

{{00:06:22}}
And bear in mind there is a few
million to go, that's the issue.

{{00:06:25}}
There's another model called proof of
stake, which instead of the work, you

{{00:06:31}}
just put an asset, some real money
behind what's going on and that's

{{00:06:37}}
the stake to show that it works.

{{00:06:40}}
And in that case, there's
zero carbon emissions impact

{{00:06:44}}
compared to proof of work model.

{{00:06:46}}
So, there are things developing
that are working on this space.

{{00:06:51}}
If you talk to the Bitcoin community,
they are aware of the issue and

{{00:06:56}}
they are looking at ways in which
it might be solved, but they

{{00:06:58}}
haven't found the solution yet.

{{00:07:00}}
And I think what it comes down to from
the other part of your question, which

{{00:07:04}}
is what does green mean to Gen Z?

{{00:07:07}}
It's really important for them.

{{00:07:09}}
They are really aware of the
issues that are taking place

{{00:07:13}}
in terms of climate emergency.

{{00:07:15}}
And it's not just climate
emergency, but it's the

{{00:07:18}}
destruction of biodiversity.

{{00:07:20}}
And what I think is happening, and
this is where there's another huge

{{00:07:22}}
opportunity for financial institutions
and technology startups working

{{00:07:27}}
together is to bring technology
and finance together to make the

{{00:07:32}}
world a better place and get those
green credentials and actually walk

{{00:07:36}}
the walk, not just talk the talk.

{{00:07:37}}
There's so much
greenwashing that goes on.

{{00:07:39}}
You know, you see all the banks
saying, oh, we're doing sustainable.

{{00:07:42}}
Look at this project
that we invested in.

{{00:07:44}}
They don't tell you about the
other 99 projects that are

{{00:07:47}}
fossil fuel investments and loans
that are destroying the planet.

{{00:07:52}}
And when you read things like
surveys that showed that 71% of all

{{00:07:55}}
the greenhouse gas emissions were
produced by just 100 companies, if

{{00:07:59}}
we change the investment model and
there's 100 companies, then it'll

{{00:08:03}}
make the world a better place.

{{00:08:04}}
And that to me was what Gen Z and
the startup community will drive.

{{00:08:08}}
They'll bring technology and
finance together to make it

{{00:08:11}}
much more sustainable and
environmentally friendly.

{{00:08:13}}
So, you know, many Gen Zers
today follow influencers that

{{00:08:17}}
provide financial advice.

{{00:08:18}}
However, a lot of them
really aren't qualified or

{{00:08:21}}
necessarily trusted sources.

{{00:08:23}}
So how can FinTech solutions
help them make the right choices?

{{00:08:27}}
It's a difficult one, because a lot of
things happening particularly today,

{{00:08:30}}
for example, in TikTok, are people
building financial advisory services as

{{00:08:35}}
influencers when they're not qualified.

{{00:08:39}}
And a lot of Gen Z are
following those people and

{{00:08:43}}
will follow what they advise.

{{00:08:44}}
I mean, we saw what happened
with the Doge Coin or dodgy

{{00:08:47}}
coin or whatever they call it.

{{00:08:48}}
I know it's Doge Coin,
I call it dodgy coin.

{{00:08:52}}
Yeah, when Elon Musk is sort of
pumping it and then you pump and

{{00:08:56}}
dump and there's far too much
of that that's taking place.

{{00:09:00}}
To a large extent I think where some
of the startup technology companies

{{00:09:06}}
are missing a trick and the incumbent
large institutions are missing a trick

{{00:09:10}}
is creating those sorts of services
themselves, which then could be stamped

{{00:09:14}}
with some sort of credibility badge
rather than just an influencer's badge.

{{00:09:19}}
You know, today's Gen Zers will be
tomorrow's parents at some point.

{{00:09:25}}
Some already are.

{{00:09:25}}
All right, it's on the cusp.

{{00:09:27}}
So you know, how should fintechs
and banks really be getting

{{00:09:30}}
ready for their future needs?

{{00:09:32}}
Well, it's always changing.

{{00:09:35}}
And right now we can see massive
change with digitalisation and

{{00:09:39}}
technology as we progress to become
multiplanetary or whatever it is.

{{00:09:44}}
I think for the next generations,
it's obviously the education around

{{00:09:50}}
money, it's going to be very important.

{{00:09:51}}
Particularly as financial services
becomes invisible, it already is to

{{00:09:55}}
a large extent, it's in your apps.

{{00:09:57}}
I don't know how much cash
you carry around, most people

{{00:10:00}}
don't carry any cash around.

{{00:10:03}}
And as money becomes invisible, it
goes back to what I saying before.

{{00:10:08}}
Are you aware of where it's
going, how it's being used?

{{00:10:11}}
How it's being stored?

{{00:10:13}}
Is it regulated?

{{00:10:14}}
Can it be trusted?

{{00:10:15}}
What does regulation mean?

{{00:10:16}}
And so I said for a long time that
you can't see cryptocurrencies

{{00:10:21}}
working without regulation because you
can't have money without government.

{{00:10:25}}
And a lot of the people who are
into that area of the markets

{{00:10:29}}
said, oh, you're a statist.

{{00:10:30}}
No, I believe in the state.

{{00:10:32}}
Actually I didn't say the government
was a national government.

{{00:10:36}}
The government could be the
network on the community.

{{00:10:39}}
So money doesn't exist
without government.

{{00:10:42}}
And as long as you can choose where
you put your money and store your

{{00:10:45}}
money and believe it's the right
government for you, then so be it.

{{00:10:50}}
Chris has been an absolute
pleasure speaking with you.

{{00:10:52}}
Thank you so much for talking about
Gen Z and just sort of all the

{{00:10:54}}
different things happening with this
audience and their impact on FinTech.

{{00:10:57}}
Thank you, Jordan.

I think for the next generations, it's
obviously the education around money.

It's going to be very important,
particularly as financial

As money becomes invisible, it
goes back to what I saying before,

A lot of younger demographics
are clearly getting into the

cryptocurrencies and are far
more accepting of good, cool

apps and trusting them perhaps
more than people of my age would.

The reason being is that people
who are older and want everything

to be safe and secure, whereas
people who are younger just want

And particularly when you look at
non fungible tokens, for example,

the Bored Ape and all these
things that have been happening,

And I think therefore Gen Z are far
more interested in how can money be

used in a better way, in a more fun
way, maybe in a gamification way.

And for a long time, we've had a lot
of company companies, specifically

the payment space and the banking and
saving space saying we should give

people more experiences where they can
earn points and prizes, rather than

One of my favorite examples was a
bank that is no longer around, it got

acquired, called Fidor Bank, which
is one of the first FinTech banks.

And they would give you more
money on your savings if you

For every 2000 likes, the
interest rate would go up by 0.1%.

And the reason is they wanted
to get you and all your friends

And that's the sort of thing I
think there should be more of, to

Do you think that superapps might
be able to support Gen Z and,

you know, really the younger
audiences and helping to sort of

And the reason being is that
the superapp structure in China.

It's actually one that by
most regulations and laws and

European-American other markets
would not be allowed to be created

because basically they're integrating
in a superapp platform all of

your entertainment, financial,
commercial needs together.

So it'd be a bit like if Amazon
acquired PayPal who acquired Netflix.

And put them all three together,
seamlessly into one thing.

And what actually happens is that
most regulators would be fearful

And in fact, that's, what's happening
to China, you know, both Tencent, which

runs WeChat and WeChat Pay and Alibaba
and ANT group have been targeted by the

Chinese government to try and break the
super app apart in terms of it's power.

Because when you get that
sort of power, you could

In fact, Jack Ma, who you
may know he disappeared, not

But he made some comments that offended
the People's Republic government.

And in particular, I remember one
time when I was at a conference in

Hangzhou, which is where they're
based, he made the comment that,

in response to a question, he was
asked, how do you manage Alibaba?

And he said, management
is for regular companies.

So we are more of a
government than a company.

But at the same time, I thought there's
no way that Europe or America would

The superapp thing wouldn't be allowed,
but I think what we will see and this

is what the beauty of the reach of
cloud and smart apps is much more

focused again on gamification of money
for learning and financial literacy.

But equally a lot more
financial inclusion.

And one of the things, again, I was
saying, when we focus on Gen Z, that if

you could build a social history that
could be trusted, then that could give

you credit points for opening a debit
card, credit card bank account, because

If you've got bad behaviours
in social networks, but we

Keeping in mind sort of pre-existing,
you know, social spaces for

investment chats, things like
messenger based banking apps.

What other kinds of FinTech solutions
could potentially help Gen Z and

Well, the challenge is obviously
what do you trust yourself doing?

So we've seen quite a lot of these
pump and dump schemes over time.

And a lot of the Gen Z are the
group that's most attracted to

So really what we need to do is to
find, going back to the financial

And what's interesting in that you
can think of these things, it's just

But we have seen some of those
behaviours in the investment

For example, where trade is
treating the investing as a

And when you do that, you can lose
billions in a bank or you could lose

all your savings or mortgage as an
individual, so it's just learning

As we talk about cryptos massively
been criticised for not being

Do you believe there will be a
bigger uptake on green investing

and green solutions that would
attract Gen Z's future investments?

Gen Z

Trend

Gen Z is the diverse, socially conscious, side-hustle generation best known for being digital natives. How will they change the future of finance?
In this new episode of our "Gen Z" series,  author of best-selling books about digital age, the creator of "The Finanser" and the most influential person in tech in UK Chris Skinner emphasises financial literacy to have a more secure future and sketches out the upcoming prospects like gamifying banks. 

Superapps

Finfluencers

Digitisation

Financial Investment

Gamifying Banks

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medium_Chris-Skinner.jpg

small_Chris-Skinner.jpg

thumbnail_Chris-Skinner.jpg

xsmall_Chris-Skinner.jpg

Chris-Skinner.jpg

Chris Skinner

CEO 

Gen Z is more interested in how money could be used in a better, more fun, user-friendly way. Financial institutions' innovative experiences are more essential than their previous methods.


Saving behaviours of the new generation

Creating tech giants using the SuperApps is not applicable in Europe or in the United States due to legal restrictions. But gamification of money for learning and financial literacy will become more popular.


Superapps' role in financial literacy

The bitcoin community and Gen Z are both aware of the issues with cryptos. For this generation, the next step is to combine technology and finance to make the world a better place. 


The importance of green investments

Gen Z is hungry for financial advice and is seeking it from unqualified influencers. Is there something that major institutions and start-ups are missing? 

Finfluencers: To trust or not to trust

As money and financial services become invisible, financial education is more necessary than ever for people to ask the correct questions about their financial decisions. 