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May 1, 2017

Technology and Money – What the Future Holds

Baristas in the near future may be learning a new skill – how to scan customers’ eyes to get payment for those complicated coffee drinks.  “I can’t open my eyes until I have my coffee” will become “I can’t get my coffee until I open my eyes.”  How those baristas make money ringing up coffee, and how consumers spend money on purchases will be driven by technology in the future.

In our Future of Money study, we asked people where they see technology having the biggest impact in how we make, spend, save and invest.  We conducted our study among a general population of 1,000 U.S. adults, along with separate sample of oldest Gen Zers—those 16-18 years old.   Perceptions are that technology will have the most impact on how people make money.

At Koski Research we are focused on helping clients transform customer engagement and that means helping you understand changes in how people make, spend, save, and invest money. When it comes to how brands and companies communicate with their customers, generation matters.

Millennials are more focused on technology’s impact on how they save money – 20% chose save compared to 12% of the general population.  Given their life stage this makes sense.  As Millennials buy homes and start families, the future and saving for it are top of mind.  We know that many companies have developed savings apps for this generation.  How else can you capture their attention and keep it?

Technology inexorably will change the future of how we make, spend, save, and invest money.  Understanding these evolving dynamics will be crucial to employers looking to attract and retain talent, marketers needing to understand consumers’ purchase journeys, and financial services firms who will need to adjust to new saving and investment priorities.

How can you engage your customers? Let’s start the discussion.  engage@koskiresearch.com

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