Monday, October 17, 2022
View ShowroomA new study from FIS® (NYSE: FIS), a global leader in financial services technology, shows how the shopping preferences of younger UK consumers have shifted as adoption of embedded finance services reaches mainstream usage among Millennials and Gen Zs, while their older counterparts are less engaged with newer, digitally-oriented financial experiences.
Embedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. Most commonly, consumers use embedded finance 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. There is also growing potential to use embedded finance across loyalty programs, investments, and insurance offerings as consumers become increasingly comfortable with accessing financial services through non-traditional means.
Young consumers want to shop seamlessly via social media:
Gen Z consumers expect to inhabit and transact in the metaverse:
Embedded loyalty offers convenience and more diverse financial choices:
Fast, embedded payments experiences preferred even when shopping in person:
“Having grown up with almost everything available at the click of a button, young consumers are consummate digital natives who expect a seamless customer journey with advanced options for completing a purchase,” said Silvia Mensdorff-Pouilly, Senior Vice President of Banking & Payments in Europe at FIS. “These customers don’t want to navigate away from the website or app they are using, complete multiple sign ups, or deal with customer service staff – they want minimal friction and a smooth service. FIS has been investing in these capabilities so that businesses of all types can embed the right financial products and services at the right time, across multiple channels, and with instant payment options. These investments support our vision to advance how the world pays, banks and invests across today’s channels and those of the future.”
About the survey
Ipsos was commissioned by FIS to conduct the survey in September 2022 on 1,000 British consumers across Gen Z (18-24), Gen Y (25-40), Gen X (41-54) and Boomers (55 and above).
About FIS
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).
For more information
Kim Snider, +1 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
[email protected]