The changing shape of digital financial consumers

Until recently we would tend to associate users of digital banking and other app-based financial products with younger people, fitting a typical ‘early adopter profile’. However, following significant developments in the fintech space over the last few years, the use of such services is rapidly growing and reaching a much wider base.

IFF Research has recently launched its Fintech Beacon – a qualitative research community of engaged users of digital-only banks and robo-advice based investment platforms. Through conducting our own initial week-long online discussion forum with members, we have built an in-depth understanding of some of the emerging customer profiles that are present among this audience of digital financial consumers.

Are they all younger with the same core needs?

Our research has demonstrated that digital users come from a range of different age groups, genders and professions, with varied interests. They include students and young professionals as well as more experienced / mature savers and investors. Despite all being digital users, different financial behaviour and patterns, as well as motivations for switching to these services, are apparent.

Are they all tech savvy and digitally engaged?

As would be expected, some describe themselves as early adopters, but others feel more like amateurs. Most agree they are tech savvy and very engaged with new developments and innovations in financial services. The majority access social media, a wide variety of smartphone apps and their digital financial services on a daily basis. Unsurprisingly, 24/7 access and instant updates are very important to them.

The different ‘personas’ of Fintech Beacon

Our community members are not a homogenous group, but are motivated by a variety of factors. These include ethical values, interest in new technology and financial platforms, determination to secure themselves the best deal, as well as budgeting, financial education and the impact of brand reputation.

Meet some of our personas:

  • Typical Early Adopter – Embraces everything new and innovative and gets frustrated by inefficiency
  • Ethical Warrior – Values companies which are ethical, compassionate, with a human approach, strongly against rigid corporations, such as traditional banks
  • Expert Money Saver – Attracted by the better rates / value offered by digital providers, always on the hunt for the best deal and loyalty is not important
  • Budget Sheet Master – Loves to be organised and in control, is attracted by the detailed and efficient budgeting functionality of digital providers
  • Financial Novice – Typically Gen Z who grew up online and expects to manage everything through an app, but is new to banking and starting to learn how to manage money

How to access Fintech Beacon

If you would like to understand more about this growing consumer segment, please get in touch to discuss using our community to conduct your own cost effective and quick turn-around research.

For more information please contact Georgina Clarke in our financial services team:

Georgina Clarke, Director
M: 07715 961476