Millennials & Gen-Z Embrace Digital Banking & “Mobile-First” Payment Mindset. Could That Be a Problem?Data From Chargebacks911® Featured in Fintech Futures

January 15, 2024 | 2 min read

Fintech Futures

New data published by Chargebacks911 finds that younger consumers prefer to manage finances digitally, as reported in a new article published by Fintech Futures.

FinTech Futures is “the leading global provider of independent intelligence and insight for professionals in the fintech sector.” Their broad readership, solid reputation, and 40 years of media expertise, combined with in-depth coverage of fintech happenings and issues across the globe, makes FinTech Futures one of the premier, trusted resources for the industry.

As the piece notes, nearly 72% of all consumers under the age of 35 prefer the convenience of managing their finances via an app. This is in contrast to just 24% of those age 55 or older. This suggests a coming sea change in the finance space.

“We expect that, within the next decade, we’ll see a seismic shift away from brick-and-mortar banking, physical payment cards, and other markers of legacy banking operations,” the author writes. “In their place, institutions will shift toward providing digital-first, mobile-enabled experiences.”

But, while this sounds like a positive transformation, it must be managed carefully. Otherwise, there may be consequences. “This carries both positive and negative ramifications. For instance, while a more digital-first approach will enable a better, more customized user experience, there’s also the risk that we may end up removing some quite useful friction points.”

Read the Article

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