Learn about the next big thing in fintech: filling the generation gap in online banking and financial education
Online banking is taking a strong position in the global financial landscape. According to UK Finance, more than 70% of customers have used online banking in 2017, and the number is growing each year.
On the other hand, many adults find it difficult to educate their children about online security and proper use of online tools, which results in a significant knowledge gap. Will parents be able to fill this gap with so many new banking tools on the rise?
98% of parents believe educating children about finance is important. However, only 31% of them talk to their children about saving money.
87% of parents stated their children have piggy banks or other ways of saving money. However, if their children were to use a finance app, almost 35% would like to keep it under total control.
In 2018, 55% of banking apps used in the US were full-service banking apps, followed by peer-to-peer payment products (40%).
750,000
kids’ bank accounts opened per year in the UK
92%
9-year-olds with access to a mobile phone (Norway)
38M
UK adult users of online banking (2017)
17.2B
credit card transactions in 2017