Proof Point
Majority of Millennials preferred fintech services rather than banks for basic payments in 2016
U.S. Adult Preference Between Fintech Companies and Banks for Basic Payments
2016 (percentage)
| Note: | Response from account holders who has used and prefer using payment services from fintech companies. Data from survey conducted by Harris Poll for Salesforce of 1,809 adults, aged 18 or older, who have checking and/or savings account in U.S. |
Proof Point Findings
- FinTech – Use of digital technologies and innovation to support, enable or provide alternatives to traditional banking and financial services, such as mobile wallet, contactless NFC technology, and cryptocurrency
- Millennial Preference – 55% of Millennials preferred to use fintech rather than banks for basic payment transactions
- Older Generation Preference – Though more older generations more inclined to use banks, 38% of Gen X and 21% of Baby Boomers expressed preference for fintech services
- Key Growth Drivers – Include proliferation of fintech services, growing adoption of digital banking technologies, and rising consumer preference for faster, easier, and more convenient digital transactions
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Accelerator |
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Market Disruption |
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Sector |
Financial Services
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Source |
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Date Last Updated |
August 25, 2017
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