The rise of financial nomads

In recent years, we’ve seen a change in the concept of ownership. Divorced of the need to physically ‘own’ an item, the rental or subscription model has been spotted popping up in all sorts of sectors where you might not expect it.

Netflix is an obvious example, but businesses like ZipCar and Girl Meets Dress have extended the rental model to physical-goods industries, with some disruptive results.

So what’s driven this change? The common perception is that millennials are less concerned about owning property and would rather have the freedom to move from product to product instead. As society moves away from traditional life stages and embraces a more fluid type of living and working, it’s understood that business models should match.

And that switch is having an effect across financial services. According to a blog posted on bobsguide.com, credit is in decline, especially among millennials. And the pay-by-finance model has made its way into the mainstream. That means that brands in every sector will need to consider how their models and ways of working can adapt, as audiences continue to evolve.

And communications are no exception. If these changes prove to be permanent – and we think they will – we’re going to have to think ahead and make sure we’re talking to the right people in the right way. To help them find what they’re looking for faster, continuing to provide value whatever we do.