For people in their early and mid-twenties, when reflecting on their parent’s life, though full of admiration for putting up what they had to in order to get where they wanted to go, feel that since tomorrow is never guaranteed, there is a little more emphasis on living in the moment whilst still planning and saving for the future.
The idea that a bank could be part of that, instead of being the nightmare that they tend to be, with inconvenient opening times and red tape galore is very intriguing. Now when I previously stated that there is a bigger sense of carpe diem with millennials, I do not mean in a frivolous way. Rather however they invest more in wellness. Most of them would gladly invest 20 minutes of our precious time to a TED talk, on the off chance that it might inspire us or change our perspective. Forty-somethings would never bother to listen to someone not known to be an expert on a subject, talk about it. They would be full of questions like, “Why should I listen to him/her?” or “What does she/he know about anything?”
Moreso in today’s world of social media, where most of us seem so connected…but only on the surface, are really quite lonely. Again the idea of emotionally connecting to a bank is really quite radical. Moreover, a bank that goes the extra mile and tries to connect you to like-minded individuals or a community even to help them reach their full potential, their authentic self.
With other online banking apps and systems being such a hit, clearly, there is a huge gap in the market that is yearning to be filled. Mazlow is meant to help to foster excellence and help twenty-somethings reach their full potential by not only being a bank, but also a mentor on their journey through life. To embark with them on their personal development journey.
Having been an entrepreneur from an early age, initially in the Sports & Entertainment sectors and more recently as an Ambassador for Blockchain technology company, Mazlow founder Kash Amini said that he came to realize that consumers are looking for much more than just a product or service.
“What is missing from most businesses, and particularly in finance, are a focus on authenticity and an investment in aesthetics that will cultivate and foster an emotional connection between the product or service and the ultimate end user, the consumer themselves”.
Mazlow claims to have pioneered the theory of the hierarchy of needs, the pinnacle of every human’s life being self-actualization – to be your own authentic self. Mazlow promises to help people to become their authentic self by helping them grow their community so they feel supported enough to succeed. Though it may seem like a millennial’s dreamboat, we struggle to see how speeches and a community can really lead to growth and so-called self-actualization.
Ever looking to the future, Mazlow also gives users access to 5 cryptocurrencies which is supposedly the next big horizon in finance and banking. Designed by a veteran entrepreneur, Mazlow is certainly promising and is definitely an original idea however it remains to be seen whether they can actually deliver on all that they pledge. A personal touch is certainly needed in the cold world of banking but catering to the specific niche of millennials may backfire altogether. After all, everyone wants to reach their potential, however, whether financial health really could lead to overall well being may be a bit of a stretch.