November 23, 2022

Millennials Seek Advice Through Awesome Financial Apps

With the (continuing) emergence of the super app comes some questions: can the digital gateway be everything for everyone? And is it necessary?

This digital gateway is the app that connects all kinds of daily activities, from planning and shopping to booking carpools and paying for it all.

In “The Super App Shift: How Consumers Want to Save, Shop and Spend in the Connected Economy”, a PYMNTS and PayPal collaboration, sentiments from over 9,000 consumers across the US, UK, Germany and Australia showed overwhelming interest in a super app.

Overall, seven out of 10 consumers said they would be interested in such an offer.

The preparation is there, as many of us have mobile devices at our fingertips, which can enable real-time connections between all sorts of vendors, merchants, financial and commerce activities.

Different personalities

But dig a little deeper, and there are several different personas taking shape, and those personas dictate exactly what a particular demographic wants from a great app — and what they’ll use it for. It turns out that different people want different things from the app, depending on where they are in their life journey.

The needs and interests of millennials stand out because they have decades of earning power and upward mobility ahead of them. Nearly a third of them are “convenience seekers” or “financial well-being seekers”.

Convenience seekers are those who want to integrate a series of seemingly disjointed activities into a fluid continuum. As for financial wellness seekers, well, here’s a chance for banks, payment providers, and brokerages to leverage big data to be a little proactive in helping millennials save and invest.

There are several conduits and channels through which these companies can reach millennials. There are “consumer” technology users – and they use computers, smartphones, tablets, smart TVs and game consoles and own four devices on average. Just over a quarter of consumers here are millennials. But it turns out that “embedded” tech users — with up to seven to eight devices — are also populated by millennials, at 42% of that user group. These are the high-income users, indicating that the payoff can be substantial for successful businesses.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

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