Introduction
Amidst the FinTech revolution there has been a noticeable shift to online and digital banking over the better half of the past decade which has led to the rise of many FinTech companies, such as Mytalu. This change in banking has had different effects on the younger and older generation and in this week’s blog, we explore what those differences really are.
1. Digitalisation
It is well known that due to the younger generation generally being continuously online through social media, they are more drawn to digital versions of anything. This being said, as for older generations who were more accustomed to banking institutions it is quite a bit of a shift. However there are tools that can help senior generations transition to digital banking, such as those which increase font sizes and text readers, making it much more user friendly for all.
2. Consumer Reach Pre- and Post-Covid
It is fair to say that the pandemic during 2019 was definitely a catalyst for starting to close the generation gap in FinTech and online banking systems. This is largely due to the terms of lockdown and everything having to move online meaning older generation were compelled to change than they were before covid measures. Ultimately, this led to a rise of older customers joining online banking, bridging the gap even further.
3. Access to Services
Online banking through FinTech companies means it is accessible to both younger and older generations from all walks of life and, specifgically, in remote locations. This is an extremely beneficial factor as not only does this promote financial inclusion but encourages banking institutions to do the same and have online systems that are accessible worldwide too. Overall, this is one of the main highlights as without FinTech companies, it would be harder to address the issue globally.
4. Convenience
Similar to accessibility, the way FinTechs have opened up the digital banking world has been revolutionary and has made banking more convenient for everyone as people can sort out their financial needs from the comfort of their homes. This appeals to both younger and older generations, attracting both demographics to FinTech companies therefore making them the new norm.
Conclusion
Overall, it is clear that over the years of the fintech revolution there have been times where digital banking appealed to one generation more but in today’s society it seems to be appealing to all demographics which not only shows how much of a shift there has been but the positive impact fintech has had on the population.
