Insight 1
Industry Analysis
Competitive Rivalry
There are many similar competitors within the industry.
It's also relatively diversified since it ranges from financial programs to personal finance websites and forums.
What competitors are doing?
CITI-SMU
The main purpose and objective are the same. "To promote and teach financial literacy"
Availability of Substitutes
There are many substitutes providing similar contents. Since most of their articles and topics are interrelated, competitors focus towards improving user experience.
Users can freely choose whichever they want to use, if they do not think it's suitable for them, they can easily switch to another one.
In terms of workshops, there are not many substitutes around as they are conducted by certified and professional trainers.
Ease Of Entry
With the increased usage of social media by youths, there are increasingly more finance related content being uploaded through social media.
The barrier of entry is low. Anyone can create finance related content, regardless of the level of financial knowledge.
However, knowledge obtained from unreliable sources can negatively affect one's financial behaviour.
Social & Payment Trends
Attention Span
DID YOU KNOW? the attention span of human is 8 second - Goldfish Attention.
Dropped from 12 second previously in 2000. Showing the effects of digitization.
**Study from Microsoft
Motivation
Youths are more motivated to learn when it does not spring from reward or punishment but from the task itself when it is driven by a desire for mastery.
Contactless Payments
OCBC
Youth age 16 to 18, 50% of them owns a debit card in 2021. This is an increase from 33% , 5 years ago.
Increasing usage of card payments by youth for daily transaction convenience which can cause them to overspend unknowingly
VISA Paywave
Represents 38.5% of all Visa face-to-face transactions in Singapore of SGD$30 or below, which is a further indication that contactless transactions are a popular choice for low value, everyday purchases.
Conclusion
This shows a trend in contactless payment for conveniences, this might negatively affect youth behaviour in their spendings.