Ever since FinTech has extended to the consumer market through alternative loans, personal finance apps, and other technologies, consumers struggle with what they are willing to integrate into their lives and what might be left at the expert level. Marketers of these technologies are also confused how to target consumers because users’ attitudes often contradict their behaviors.
Salesforce says retail financial institutions should develop customer-centric business models and simplify the user experience so it is appealing to consumers of all ages and familiarity with technology. The rest of the article on The Financial Brand goes on to cite business reasons and statistics regarding the FinTech usage differences between generations. Only at the end of the article is the issue of security of personal data addressed. Among Millennials, I argue that this is the primary reason why people who are skilled at using recent technology still do not have personal banking or finance apps like Venmo on their smartphones. Since security of digital tech is still insecure at times, it may only be when FinTech has shown to be sufficiently secure in the long run may more Millennials (and members of other generations) adopt more personal FinTech options.
Sources: https://thefinancialbrand.com/63386/banking-channels-switching-fintech-strategies/
https://consumercomplianceoutlook.org/2016/third-issue/fintech-for-the-consumer-market-an-overview/