Fintech Focus: Beyond the Millennial Segment



Fintechs, and payment technologies in particular, are no longer limiting their focus on the millennial population. Increasingly, banks and fintech companies see the enormous potential of expanding their vision to include other generations. This is for several reasons, including the opportunity to reach a much broader consumer and business population with:

  • Greater disposable income

  • Long-term, diversified bank relationships and loyalty

  • Cross-sell opportunities such a lending and investment products

  • Increasing adoption of mobile usage for their needs


For example, regarding mobile payments, banks are beginning to recognize the tremendous value in driving a broader segment of the population to mobile payments, such as through peer-to-peer payments. “This millennial fixation is causing banks and other institutions to leave money on the table,” said Martin Häring, banking technology company Finastra’s chief marketing officer.


Critical selling points to increase adoption and usage of digital payment and banking technologies for non-millennials include security, speed, ease of use, and information. One example of relevance for older generations is Zelle, the bank-backed peer-to-peer payment network. According to US Bank spokesperson Teri Charest, “Zelle brings person-to-person payments into the mainstream — it’s not just for millennials.”


Ultimately, there is arguably no downside to expanding the scope of digital banking and payment products and services to wider customer segments. The potential upsides are worth it – including greater market share, greater revenue and increased customer satisfaction and loyalty.