Understanding the Preferences of the New Wave of Next Gen SMBs
At Visa, we recognize that the landscape of small businesses is shifting rapidly. Did you know that 41% of Next Gen decision makers are currently using between 6-9 banking innovations?
While we've been closely monitoring the evolving behaviors of Gen Z consumers, a new generation of Gen Z and young millennial small business owners is also surfacing—bringing with them distinct habits, aspirations and expectations for banking and financial services.
How is this Next Gen of small businesses different from older generations and how are their approaches to banking and finance evolving? Our new study, “Understanding the Banking Preferences of Gen Z and Young Millennial SMB Owners,” delves into how these young entrepreneurs are set to reshape the future of financial tools and banking relationships—and what opportunities this presents for banks and our financial partners eager to connect and build loyalty with them.
While established banks are still highly valued globally for their security, trust, and support, in Latin America and the Caribbean there is a more pronounced shift toward new players and alternative financial solutions. Although the youngest generation of decision-makers share some needs and preferences with previous generations—such as the desire for reliable banking partnerships, they are increasingly open to innovative providers that better align with their digital-first mindset. Additionally, this group uses social media as a financial tool: a remarkable 41% rely on platforms like YouTube, Instagram and TikTok as primary sources for financial insights, merging business learning with social connectivity.
Our latest research offers more interesting insights into their unique preferences and key opportunities to add value to this crucial segment.
Dive into our new study and uncover how we can leverage these trends together and become vital partners in their growth journey.
The research is available in: