Previously published on November 2, 2023 in
By Francis Bignell, Writer at The Fintech Times
Research from finance comparison site finder.com has revealed the reasons behind different generations remaining with their current banking providers. While there has been a consensus that younger people are more willing to switch banks, evidence suggests they are more sceptical. As a result, we reached out to fintechs to find out what more could be done.
Commenting on what young people are looking for, Eric Hazard, CEO of Vested Ventures, the fintech startup investors, said: “There are three main areas of focus for fintechs to build comfort with consumers in switching banks: a smooth user experience, personalisation, and security.
“User experience is important to ensure banking platforms are intuitive, secure, and operational across all age groups. Different age groups will look for different things from a bank. For older generations, this might mean incorporating more educational resources and customer support to assist with the digital transition. For younger users, a seamless, fast, and mobile-first approach is crucial.”