Millennials lead the way when it comes to fintech adoption, beating out Gen Z, according to a study by FIS.
In the study, 32% of millennials are likely to use banking services from a fintech or neobank in the next year compared to 22% of Gen Z, 13% of Gen X and 5% of baby boomers, according to a press release.
In addition, 55% of millennials and 48% of Gen Zs would be likely to make a purchase through a social media platform in the next year, according to a press release.
Other findings include:
- Millennials were most likely to use banking services in the metaverse.
- 56% of millennials prefer mobile loyalty apps to other loyalty programs.
- 70% of millennials would visit checkout-free stores in the next 12 months.
"While the general wisdom is that the youngest consumers are most likely to adopt new technologies, Millennials — who have greater spending power — are leading the adoption of many new digitally-oriented payments and financial services, according to our new research," Taira Hall, SVP of embedded finance, B2B and strategic innovation at FIS, said in the release. "Between the desire to tap into seamless shopping experiences like those in social media apps or taking advantage of the discounts and savings available through loyalty apps, the signal from millennials and Gen Z is that there is significant potential for businesses to embed financial services within these channels."
