It is little surprise that fintech usage is highest among millennials, with a global average adoption rate of 48 per cent among tech-savvy 25 to 34 year olds, according to EY.
So-called Generation X, the cohort born between post-war baby boomers and millennials, is not far behind with a take-up rate of 41 per cent.
Specifically, some 30 per cent of 45 to 54 year olds and 22 per cent of 55 to 64 year olds are now using fintech services. Yet, despite their growing asset share, older customers continue to be underserved.
For fintechs, younger people represent the lowest hanging fruit. They are natural early adopters, having reached major life milestones at the same time as new technologies came to market. Millennials have relied on a range of app-based services as they finished education, looked for a job, searched for a home and started a family. Read more