New research from FinTech Moka and OpinionWay has revealed that 65% of the French people between the ages of 18 and 35 are unhappy with old school banks’ services.
In particular, they are dissatisfied by these services’ inability to help them save for things like travelling and buying flats, according to Sifted.
Moreover, 48% said they struggled to set money aside each month. Half of the respondents noted that they had never invested money before.
The research comes on the back of a previous report from API platform developer Mulesoft that showed that 49% of the people within roughly the same age bracket have considered swapping banks in order to enjoy a better digital experience.
Reports like these highlight that there is a great opportunity for startups in the FinTech sector to get the jump on their bigger and older competitors that are burdened by slow-changing legacy systems.
That being said, innovative tech may not be the biggest deciding factor for young people when deciding what service to use.
In fact, a survey conducted by consultancy Capco suggests that 74% of Gen Z users would decide which bank to use depending on the advice of their parents.
Other factors like product offers, free gifts or money and marketing held sway over 8%, 7% and 5% of people’s choices respectively.
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