MrBeast Is Entering Banking — Why You Should Pay Attention

MrBeast is going to be a bank. For those of you who don’t know, MrBeast is the number one YouTuber. I’ve asked Liz Goodall to join us here and tell us a little bit about this. She got into it a little bit on LinkedIn, stirring it up.

So, Liz, tell us a little bit about what MrBeast is doing and what you think the implications are.

MrBeast’s company bought Step, which is a fintech that really targets youth, Gen Z and even this emerging Gen Alpha generation, on Money 101, investing and starting your credit score.

So MrBeast, who already has this massive global presence and a huge presence in the United States, is now going to be in the wallets, or the mobile wallets, of the next generation, which should be really scary, or at least brought up in the boardroom, for a lot of financial institutions.

If you don’t know who MrBeast is, then you have a problem, because I guarantee that your grandsons, your sons and the boys in your neighborhood know who MrBeast is, and they listen to him. Every consumer research study shows people follow influencers because they trust them.

So if all of a sudden MrBeast starts pushing Step as a product, then credit unions and banks are really risking losing the next generation just because of the massive influencer component of this.

Yeah. I mean, his candy bars are all over Walmart. His brand is everywhere. He’s got billions of views. And what’s the biggest challenge when we talk to our community banks and credit unions? It’s the average age, which is in the 60s right now.

If they’re good, they’re mid-50s or early 50s, right? So attracting that next generation continues to be a challenge, and this is just another ripple in that strategy.

So, folks, another headwind. We’ve talked about the fintech disruptors in this space. This is definitely something we’re keeping our eye on. You’ve got to stay connected to that younger generation and figure out how to get relevant, or stay relevant, in attracting that younger generation.

Let us know in the comments what you’re doing in the space to attract Gen Z and Gen Alpha, right around the corner here. Let us know.