How Ready the GEN-Z is to Adopt FinTech ?

Abstract

In this paper we shall discuss about the need of marketing for the emerging trend FinTech. Emerging trends like Bitcoin, Big Data, FinTech, Blockchain require a lot of marketing related activities to increase the awareness about the same among the customers. We shall also shed light on how ready the GEN-Z is to be the new users of FinTech. We will also compare the existing users, i.e., the millennials with the GEN-Z. For conducting the analysis, we have considered a random sample of size 84 with age group 18-24 and above 24 which was collected through questionnaire. Although the ages of GEN-Z in the current year range from 12 years to 24 years, we chose to collect data from respondents who are officially adults i.e., 18 years. We applied certain statistical test using R program (4.02) to understand the pattern and relationship of the above age groups on their understanding about financial technologies and related aspects like the possibility of using, trusting, and investing in the FinTech services. The results derived from the statistical analysis confirmed the assumptions and thus concluded that Gen-Z group is uninformed of the latest trends in financial technology. We have found that most of the Gen-Z is unaware about the basic concepts of the FinTech. Because of this lack of awareness and knowledge, most of the Gen-Z do not intended to use the FinTech services nor wish to invest in the FinTech service provider companies.