Students worry about money regularly but aren’t getting the help they need because they don’t have the most positive view of banks. They love fintech but are risk averse so aren’t ready to bet their hard earned money on it just yet. In the meantime they want to take control of their financial futures and are using smart tech to help them invest and save.

Insight Future Money

There’s no doubt that young people are the biggest supporters of fintech. Challenger brands have been able to break into this traditionally slow-moving and inflexible sector with seamless digital experience and a more vibrant proposition. Although students are definitely embracing fintech as the future of money, it’s an area that has traditionally not been very high interest for them, so the question is why?

One reason is trust. Older generations worry about the lack of bricks and mortar attached to the new banks. But only 3/10 of students said they were concerned about the security of their money with mobile banking, whereas 8/10 said they trusted mobile banking technologies to keep their money safe.

There are areas where technology can’t replace the human touch though. For example, customer service is something time-poor students expect but 64% of them want it to be through a person, not an intelligent chatbot. And although they love tech and AI, they don’t trust it entirely to look after their finances. Only 20% agreed with the statement ‘I trust AI more than real people to look after my finances’ whereas 43% disagreed.

There is a difference in their perception of fintech brands and tech brands. Search and social media fall into the latter. They used to champion these but due to data scandals, fake news and questions over ethics, they are feeling less trusting of them. At the moment, fintech hasn't been involved in scandals that have eroded students' trust so they are occupying a more privileged position.