Vodeno/Aion Bank: Millennials turn from banks to brands

Share
A survey conducted by Vodeno and Aion Bank has revealed 52% of 25-34-year-olds said using financial products and services from their favourite brands was their payment option of choice – and more convenient than using a conventional bank
A survey released by Vodeno and Aion Bank finds Millennials and Gen Z consumers favour brands for financial products over banks

A survey conducted by Vodeno and Aion Bank has revealed 52% of 25-34-year-olds said using financial products and services from their favourite brands was their payment option of choice – and more convenient than using a conventional bank.

Another 51% of respondents said brands offer products more tailored to their needs than traditional institutions do, while 50% say their loyalty to brands is thanks to the financial benefits and incentives they offer, including Buy Now, Pay Later (BNPL) and cashback options. 

Are brands now at the forefront of financial services? 

The survey taken by Vodeno and Aion Bank covered 3,007 European consumers from the UK, Belgium, and Germany. 

Some 25% of those surveyed cited convenience as the key reason for favouring brands as their preferred choice of payment. In addition, 35% of respondents in the same age bracket said they opted for embedded financial products offered by their favourite brands because they were offered at a good rate. 

Some 37% of those surveyed say they are more likely to seek out brands offering BNPL products and other flexible payment options due to the current economic climate and cost-of-living crisis. 

While 50% of respondents who are already customers of BNPL providers say they aim to stay loyal to these brands because they are offered such payment options. 

When asked about how often they shop with their favourite brands, 19% of those surveyed said monthly, and a further 16% said they do so once every two weeks – chiefly because of the favourable payment options available. 

Vodeno Chief Revenue Officer Kim Van Esbroeck says:  “Millennials and Gen Z are charting a new financial course, and increasingly relying on embedded finance products from their favoured brands for their banking needs. 

“Our survey paints a clear picture as to why: convenience, tailored solutions, and accessibility are the cornerstones driving this transformation.

“For brands, the case for embedded finance is clear. Not only can they offer their customer  greater choice with different banking products, but in doing so they create a better customer experience with new revenue streams.”

******

For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.

******

BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events. 

Share

Featured Articles

Money20/20: Oracle & NVIDIA Partners Drive Fintech Surge

Tech giants Oracle & NVIDIA are transforming financial services through strategic partnerships that unite AI prowess with robust cloud infrastructure

FinTech LIVE Singapore - Become a Sponsor

Join us at FinTech LIVE Singapore next year as a sponsor and showcase your brand to a highly targeted audience of fintech professionals

The Evolution of TBM: A Framework for the AI Era

TBM Council reshapes its framework to unite dispersed tech leadership, as CISOs and AI officers increasingly operate outside traditional IT structures

Money20/20: Thredd Sets New Path for Global Card Processing

Digital Payments

Amdocs: Breaking Down Banking Silos at Money20/20 USA

Financial Services (FinServ)

NVIDIA Unveils AI Vision at Money20/20 USA

Tech & AI