Being a Michael Jackson fan is changing! With new way to be a fan, the virtual world is taking over the fandom. Social Media has changed the way fans communicate and share their fandom and now, being a fan is no longer how much collectors you have but more about shares in an iconic item you will have!
In order to retain young people, Stadtsparkasse Düsseldorf has now repositioned itself. In the future, all activities for the “Gen-Z” target group will be bundled under the “SMONEY” brand. A first step is the pilot project with the FinTech Timeless, through whose platform investors can invest proportionately in real assets – including Michael Jackson’s “Bad Tour” leather jacket.
Only very few could afford to invest in rare sneakers, expensive watches or rare works of art. Thanks to blockchain technology, it is now possible to acquire shares in such “collectibles”. About the Timeless app (Website) could now also be invested in rare collector’s items with a small purse. The Berlin FinTech initially acquires these itself, then fractionalizes them using blockchain technology and offers them to users to purchase shares. Investors could thus buy a small part of a sneaker or an expensive watch.
Stadtsparkasse Düsseldorf (Website) validates together with the FinTech Timeless how the idea of real asset investments is received by their customers. In terms of earnings growth, alternative assets sometimes outrank classic assets such as equities. While the MSCI World Index, which serves as a reference index for numerous ETFs, generated around 130% in the past decade, the value increase for classic cars amounts to 193%. Rare whiskey varieties even achieved a return of 478%.
To this end, around 2,000 savings bank customers of different age groups were approached and informed about the new form of investment. Before the official drop on the investment platform Timeless, they had the opportunity to invest in selected valuables – including a hand-signed unique print by Damien Hirst, a Patek Philippe Nautilus watch or a signed leather jacket by Michael Jackson, which he had worn on the 1988 “Bad Tour”.
The focus of the new brand concept would be 18- to 25-year-olds, i.e. customers who can make well-founded financial decisions themselves. It is precisely this target group that is becoming increasingly important for banks and savings banks. Because: Someone who is in their early 20s today may buy a property or need investment advice in the coming years.
Another important component of Smoney is the TikTok channel of the same name, on which the Stadtsparkasse informs about financial topics. With around 250,000 followers and over 7 million likes, Sparkasse is the most successful bank on this social media channel nationwide. A fixed Smoney meeting point is also planned, where GenZ will meet and exchange ideas with its community. In addition, a different kind of advice is needed – and a different kind of consultant. To this end, Stadtsparkasse is setting up a team of young employees who communicate with the target group on an equal footing.
