Key insights:
JACKSONVILLE, Fla.--(BUSINESS WIRE)-- A new U.S. study from FIS® (NYSE: FIS), a global leader in financial services technology, finds Millennials in the U.S. are more open to adopting new and digitally-oriented financial experiences, including those enabled through embedded finance experiences than other generational groups.
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Embedded finance is when consumers have unique, tailored financial service experiences delivered to them at the point of need by non-financial companies. Most commonly, consumers encounter these new financial service experiences in the form of in-app payments, like on social media platforms where a purchase is completed without leaving the platform, or as Buy Now Pay Later offerings at checkout.
Young consumers are tapping into seamless shopping experiences via social media apps:
Millennials are most likely to inhabit and transact in the metaverse:
Loyalty apps are winning in the eyes of the younger generations:
Despite Gen Zs being digital natives, Millennials are more are more likely to embrace fintechs, digital banking:
“While the general wisdom is that the youngest consumers are most likely to adopt new technologies, Millennials—who have greater spending power—are leading the adoption of many new digitally-oriented payments and financial services, according to our new research,” said Taira Hall, Senior Vice President of Embedded Finance, B2B & Strategic Innovation at FIS. “Between the desire to tap into seamless shopping experiences like those in social media apps or taking advantage of the discounts and savings available through loyalty apps, the signal from Millennials and Gen Z is that there is significant potential for businesses to embed financial services within these channels.”
Learn more about consumer adoption of embedded finance with FIS research from around the world here.
About the survey
Ipsos was commissioned by FIS to conduct the survey in September 2022 on 1,000 American consumers across Gen Z (18-24), Millennials (25-40), Gen X (41-54) and Boomers (55 and above).
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).
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Kim Snider, 904.438.6278 Senior Vice President FIS Global Marketing and Communicationskim.snider@fisglobal.com
Source: Fidelity National Information Services