Fintech for millennials: How apps are meeting the best financial needs of a new generation
We’ve been embracing information technology in various facets of our lives. From manufacturing to healthcare, IT is omnipresent and is revolutionizing the way we perform tasks and operations.
Fintech is one industry that has constantly embraced IT & has tried to provide the best solution to its users. From passbooks to account logins in our mobile banking app, the finance industry has undergone a 360-degree change.
Who are millennials and what is their relationship?
Millennials are the population it was born on or between the years 1980 to 1996. This generation is technologically adept since this population has seen the tech renaissance, and is now witnessing the rise of AI.
Key insights and markets for fintech apps for millennials
- With global inflation, the cost of living is also rising. This is compelling millennials to seek more savings and investment options
- The number of mobile devices as per Exploding Topics is close to 16.8 billion
- With the increased usage of the internet, the awareness related to the benefits of using fintech applications and personal finance apps is also increasing
Different fintech solutions for millennials
There are several types of fintech solutions that are available in the market as of now. Let’s check out the ones that millennials can avail of today:
- Acorns: The idea behind the application is exceptional. It takes your spare change and invests it for you.
- Robinhood: It is amongst the best trading apps that are out there. It is commission-free and makes the task of buying and selling stocks much easier.
- Chime: Chime is a banking application that offers features like direct deposit, no overdraft fees, and free ATM withdrawals. heir finances.