By: Mahmud Adam Danjuma
Over the years, fintech has been transforming industries and companies at large as it tries to draw the untapped, uneconomical, and businesses that are too costly to swindle into. It also leverages technology to influence businesses by creating new and better ones. One of the keys to consider in forming a fintech is the Millennials. Therefore, it’s important to know what Millennials are. There has been a heated debate amongst researchers, but according to American history, Millennials are those born between the 1980s and 2000. Some posited it to be those individuals born generally in the late 1970s through the mid-1990s. Some describe them as having been born in 1977 through 1995, but they are 20 to 40 years old, give or take a year. And of course, there are many graduations of those Millennials, which makes them fall short of each other.
Millennials have been a great influence on the life span of fintech, and talking of them, one needs to think within the parameters of the range given. Furthermore, this particular individual, according to the research, has lived through and witnessed financial crises and gives a kind of opportunity to the companies, not only for their current wealth but also for the present value of their future wealth.
Millennials are said to be comfortable with digital technology; they grew up with it, and they are comfortable moving not only towards the web but directly to mobile apps, as 75% of the deals done nowadays are through technology. This applies to their financial services as well, like payments, investments, remittances, customer banking, etc.
They are optimistic about their future and seem to be more diverse in nature. According to Nielsen, a greater percentage of double millionaires are Millennials; this shows that they are broad and diverse and to be distinguished from other generations. And finally, they always thought there would be no money from the government for them for programmes like social security when they were retired.
Mahmud Adam Danjuma is a recent Law graduate of Usmanu Danfodiyo University, Sokoto
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