What are some ways that the fintech industry needs to evolve to better serve younger people today? originally appeared on Quora – the knowledge sharing network where compelling questions are answered by people with unique insights.
Answer by Nadim Homsany, co-founder of Earn-Up, on Quora.
Probably the biggest hurdle the fintech industry needs to overcome is educating consumers. Managing your finances can be a tricky thing, especially for younger people who are often not given a course in financial literacy growing up. And even when people take those courses, research has
proven almost all of those lessons are forgotten within six months. The financial system itself is also unnecessarily complex in many ways which only adds to the confusion.
The best thing the fintech industry is doing and needs to continue pushing is transparency and making sure we adapt our communication styles to something the average consumer can easily understand. Teaching people exactly how these systems work can be transformative in changing people’s behavior and getting them on a path to financial wellness.