How to make Fintech attractive to Millennials
With millennials making up roughly a quarter of the world’s population, it’s not surprising that they’re shaking up traditional industries.
While it’s hard to determine whether millennials earn more than previous generations, research from the World Data Lab reveals they’re quickly increasing their spending power to become one of the world’s most influential consumers.
So, how exactly will millennials shape the world economy and organizations working in the financial sector?
Fueling the Fintech Revolution
Millennials grew up alongside technology giants like Apple and Google, making them one of the most tech-savvy generations. They’re also not afraid to use technology to make complex decisions — even financial ones.
Envisionit research into millennial’s financial attitudes shows:
— 68% of millennials think how we access money will change in the next five years.
— 73% would be more receptive to financial services from tech companies like Google, Apple, PayPal and Amazon than their own bank.
— 33% believe banks will cease to exist over the next five years.
With such disruptive and encouraging attitudes, millennials are easily powering the fintech revolution and making way for start-ups to radically change a rather stuffy and traditional industry.
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