Innovation

Fintech? 92% of millennials haven’t got a clue

By Oliver Smith 30 June 2016
Summary

Tech and finance speak is actually alienating the most important people.

Challenger banks, peer-to-peer lending and crowdfunding are all the rage, but most 18-35 year olds don’t have a clue.

While London’s technology sector has become obsessed with the wonderful world of financial technology (Fintech) over the past 36 months, maybe it’s time to put your head above the parapet and realise the reality.

No one else has a clue what’s going on.

Breaking through the lingo

92% of young people don’t have a clue what ‘fintech’ is.

That was the finding of a survey of 422 Brits fitting in the millennial bracket.

Bud, a new “app store for finance” which is launching on Friday, also found that men are slightly more aware of fintech than women (11% of men have heard of it, compared to 6% of women).

Conversely, despite not knowing what fintech is, the survey also revealed that millennials are some of the biggest adopters of fintech with 20% saying they had used Apple Pay or Android Pay.

“It’s time for the industry to move away from talking in tech and finance speak, and to start focusing on what they can do for their customers,” wrote Bud’s founder and CEO Ed Maslaveckas.

“It’s not about fintech, it’s about making your money go further.”

Ditch the lingo and tell people why they should really care.

We couldn’t agree more.