Welcome to week 2 of Banking MilZ, thanks for everyone who has signed up so far.

This week’s deep dive explores the world of embedded finance. It’s a trend you need to understand to compete in the digital era, where the boundaries between service industries is disappearing, fast.

That shopping app your customers love and use every week? That’s right, it’s now a potential competitor for your consumer loans business, with one-click applications like buy now pay later taking the world by storm. And the list goes on, from social media to video games.

If you like what you read (or don’t) please take a minute to fill out my reader survey so I can improve and become an indispensable part of your Monday inbox.

Also don’t skip the weekly poll at the end of this post, I really really want to know what you think of each and every issue!

Cheers! – Fonta

IN THIS ISSUE

• ICYMI: Top reads of the week

• Deep Dive: Heads Up Bankers: Millennials and GenZ Expect Banking on Their Terms 

• Why Wellthi?

• Survey: How did I do?

ICYMI: Top Reads of the Week

DEEP DIVE

Heads Up Bankers: Millennials and GenZ Expect Banking on Their Terms

By Fonta Gilliam, CEO & Founder, Wellthi Technologies

We need to talk. Millennials and Gen Z, you know, those folks under 45 that you desperately want to turn into lifelong members? They don’t want to “bank” with you in the way you think.

They want banking to be invisible—on auto-pilot, something that just happens while they go about their digital lives, not a separate errand they have to run.

Welcome to the world of embedded finance, where financial services live inside their favorite social networking apps, shopping platforms, and even video games.

If you’re still waiting for them to waltz into a branch or even bother with your annoying customer support line, you’re already losing. But don’t panic! I’m about to walk you through exactly how you can get in their good graces—before someone else does.

Harsh Reality: They Trust Fintechs More Than You

Let’s rip the band-aid off: Millennials and Gen Z trust fintech apps almost as much as (if not more than) than traditional banks. The numbers don’t lie:

• 77% of Gen Z and 66% of millennials actively seek saving and investing advice through social media platforms - not banks, not credit unions and DEFINITELY not their Dad’s financial advisor. 

• 64% of Gen Z and 68% of Millennials say they primarily use mobile apps for banking. Branch visits? A pathetic 4% preference.

• 76% say the more they use digital financial tools, the more they trust them.

• Buy Now, Pay Later (BNPL) is booming—45% of Gen Z and Millennials used it last year. They love quick, on-the-spot financing.

• Three out of five young consumers say they’d bank with a brand they already trust (Apple, Amazon, Google, X) over a traditional financial institution.

Translation? If your services aren’t seamlessly built into their digital lives, they’ll find someone else who will do it. You don’t just have to compete with Chase and Wells Fargo—you’re also up against Apple, Klarna, and even TikTok.

What Is Embedded Finance (and Why You Should Care)?

Embedded finance is when banking services are baked into mobile. We expect apps and platforms so seamlessly that users don’t even think about them as “banking.” It’s why Gen Z can Venmo their friends, split a restaurant bill in a group chat, or finance an online shopping spree without ever touching a “bank.”

Big brands are already all over this:

• Apple has Apple Card and Apple Pay Later.

• Uber lets drivers access earnings instantly with their own Uber Debit Card.

• Gaming companies are integrating instant payments so players can buy in-game items without a credit card.

• Retailers are embedding financing options at checkout, cutting banks and credit unions out of the equation entirely.

The Playbook: How Bankers Can Win

1 | APIs and Open Banking: If You Can’t Beat ‘Em Join ‘Em

Stop building everything yourself. The smart move is to partner with fintechs and digital platforms that know how to get young people’s attention.

• Plug your loans, savings accounts, and payment services into third-party apps. Example: Vibrant Credit Union embedded loans into a home improvement retailer’s checkout process—a move that helped add some $40 million to their loan portfolio in six months. 

• My company, Wellthi, partners with banks and fintechs to offer a mobile branch to customers. 

• Join fintech marketplaces like Union Credit, which connects CU loans with online shoppers at the moment they need financing.

• Offer seamless account integration with budgeting apps, gig economy platforms, social feeds, or even retail membership programs.

2 | White-Label Fintech Solutions—Because DIY Is Overrated

Want to roll out a BNPL program? A digital savings tool? A cross-border payment wallet? You don’t have to build it from scratch. There are a slew of fintechs that would love to work with you -  not compete with you.

• White-label solutions let you slap your institution’s name on fintech-powered features without reinventing the wheel.

• For example, instead of developing your own Venmo alternative, you can integrate a ready-made P2P payment system into your app and keep members inside your ecosystem.

• Crypto investing? Micro-saving tools? AI-powered financial coaching? Fintech partners have done the hard work already—just make it your own.

3 | Mobile First, Obviously, & Sexy User Experiences

Your mobile banking experience needs to be as beautiful and smooth as our favorite shopping or social media apps. That means:

• Snackable, social networking content. (No more webinars. No more surveys. No more online calculators - please!)

• Instant payments that can be sent cross-border to my friend in London, to sis in Accra from me, all while sitting on my couch binging Netflix in DC. (no, three-day ACH transfers and wires don’t cut it).

• One-click account openings and approvals (no, we won’t fill out a 10-page form).

• Integration with Apple Pay, Google Pay, and Samsung Pay (it’s 2025—why are we even discussing this?).

• Financial advisors that use compliant, safe push notifications and text that add value (like nudges for savings goals, not spammy promos).

4 | Leverage Social Finance and & Gaming Platforms

This generation doesn’t just hang out on social media—they live there. That’s why megabanks and Big Tech are blending financial services with social apps.

• Gaming platforms like Wargaming (of World of Tanks fame) partnered with fintechs to enable one-click in-game payments and withdrawals.

• Social commerce is exploding—50% of Millennials and Gen Z say they’d buy directly from Instagram, TikTok, or Snapchat.

Risks

Let’s be real—embedded finance isn’t all sunshine and fintech partnerships (Synapse did nobody any favors). But they did not stop the movement. So embrace it, and beware of the  pitfalls to avoid:

1. Pick the Right Fintech: If you partner with fintechs, you’re still on the hook for compliance (KYC, AML, data security). Only work with fintechs that take this seriously. Consider working with smaller fintech partners who might be more likely to co-create with you. Or invest in them.

2. Data Security & Fraud: We understand. More integrations = more risk. Make sure API partners have bank-grade security. If they are not at least SOC 2, Type 2 Compliant, forget about it. Check-out their legal and compliance teams. 

3. Brand Dilution: If your services are embedded everywhere but your name isn’t visible, how do you maintain customer loyalty? Negotiate co-branding rights.

4. Tech Headaches: If your core systems are outdated, integrating with fintechs will be a nightmare. Prioritize no-integration solutions.

Final Word: Get In Or Get Left Behind

Millennials and Gen Z don’t hate banks and credit unions. In fact, they like the idea of ethical, community-driven banking. And they are getting burned. Credit Karma issued a fascinating report about how many of us are getting bamboozled by shady influencers online. The report found that 37% of Gen Z and 25% of Millennials have gotten into trouble (i.e., IRS audit or scam) after taking financial advice from social media or have gotten into trouble (i.e. IRS audit or scammed) after taking financial advice from social media/online.

But they won’t go out of their way to use your services if they’re not embedded in their digital, social networking lives. The future of banking isn’t about people coming to you—it’s about you going to them 

So, what’s it going to be? Are you going to meet young consumers where they are, or are you going to let this $68T wealth transfer get eaten by TikTok and Alibaba? Your move. But if I were you, I’d start embedding yesterday.

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Banks and Credit Unions, Meet the Future of Finance!

Wellthi Technologies—backed by Mastercard & Northwestern Mutual Future Ventures—offers a turnkey Virtual Advisor Technology app tailored for lowering branch costs, driving low-cost deposits, and maximizing billion dollar opportunities with under 45 consumers. Engage Millennials & Gen Z with social finance features that drive loyalty and deposits. Our platform transforms banking into a community experience with goal sharing, crowdfunding, and peer support—helping credit unions stay relevant, digital-first, and growth-ready. Seamlessly onboard new members, boost engagement, and unlock new revenue streams—all without costly tech investments.

Ready to future-proof your credit union?
Let’s build together.
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