Fintech firms urged to target boomers not Gen Z

Older people are more receptive to new financial technology following the pandemic, research suggests.

There has been a boom in fintech development as more people conduct their financial affairs digitally. Picture: AP Photo/Marcio Jose Sanchez

About two thirds (65 per cent) of over-65s are open to using new financial services or payment methods that make it quicker and more convenient for them - indicating that boomers, not generation Z, could now be fintech’s ideal customers.

The study by payments-as-a-service platform Modulr, and backed with analysis from Revolut, Visa and Innovate Finance, reveals that some 93 per cent of over 65s say they now use contactless payments in stores with debit and credit cards.

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Myles Stephenson, founder of Modulr, said: “This is a big opportunity for fintechs. To grasp it fully they need to know where to focus their energy.

“On the surface, this means providing the best digital experience, but they need to make sure their payments plumbing can support their ambitions. Only those fintechs that create - and brands that adopt - an instant, convenient and trusted customer experience will succeed in the instant economy.”

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