Fintech reshaping consumer behaviour
A recent survey has revealed an unprecedented trend in the way in which young Australians are approaching their personal banking.
The findings from Bankwest showed that nearly half of the millennial respondents (46.7%) that had a joint bank account with their partner were neither married, nor engaged at the time of entering into the financial commitment.
“The tools our customers are using today enable them to have total visibility and transparency of their accounts, set goals, and receive transaction alerts at the touch of a button,” said Pieter Vorster, Bankwest EGM of customer solutions and insights.
“Those tools and Gen Y’s affinity with tech helps minimise the anxieties of previous generations around joint bank accounts, so they can take the plunge before, well, taking the plunge.”
Comparatively, 84.2% of baby boomers and 77.3% of Gen X respondents with joint accounts waited to merge their finances until they were already married or engaged.
To read more about this consumer behaviour trend, please click on the link below…
