Fintech going mainstream

Some very interesting fintech trends picked up in this McKinsey study. Legacy businesses ignore them at your peril!

1. Forty percent of US financial decision makers say they have a fintech account
2. All fintech types—payment, investments, lending, and overall banking—have grown since the crisis began
3. The young use fintech the most, but older generations are joining them in larger numbers including baby boomers
4. Younger users tend to use multiple accounts, whereas older generations are more likely to use one
5. Decision makers in all income brackets opened new fintech accounts throughout the crisis
6. Traditional banks and fintechs have similar levels of customer trust