92% of 18-35s have never heard of FinTech


#1

A recent poll showed that 92% of 18-35s have never heard of FinTech!

Millennials haven’t got a clue about FinTech.

70% would happily buy financial services from Big Tech.

Is the FinTech sector failing to connect with its key constituency?


(Kieran McCann ) #2

I (22) actually have no idea what FinTech is or what it does, I stumbled upon Monzo by complete accident which I’m glad about. I wouldn’t have even know it existed otherwise.


#3

Yes. Expressions like FinTech, InsTech etc are not as widely known outside a core group of hardcore fans as they might assume :slight_smile: Glad you discovered it despite no high key (and costly) advertizing, however the increase in customer base purely on word of mouth has been impressive


(Marta) #4

I’m also in 18-35s gap and I never heard of fintech or Monzo until I was researching good card options for travel. Monzo educated me a lot in 1,5 month - I now know most competitors and what they offer.


#5

It would be a sign of failure if 92% of millennials knew what Fintech was and only 5% had taken out a fintech product. It’s early days so you wouldn’t expect everyone to know the difference. Probably most monzo users don’t know what it is… it’s an industry/investment buzzword which means very little to the average person


(Naji Esiri) #6

Yes, I’m not sure this report is an accurate indicator of how successful products or services with this label have performed with 18-35 year olds. It’s a word I’ve only really heard used by people who work in Fintech or those have an avid interest in the industry as a whole. It’s nothing more than a general indicator of what a business does, the specifics of their offering and value are the things which most customers will likely connect with first, the label is irrelevant.


Change PIN in app