Why Boomers, Not Gen Z, Could Now Be Fintech’s Ideal Customers

Older generations are more perceptive to new financial technology following the pandemic.

In fact, research shows that over two-thirds (65%) of over 65s are open to using new financial services or payment methods that make it quicker and more convenient for them.

Some 47% of over 65s say their expectations of better payment experiences is a result of doing more online shopping during lockdown restrictions.

These so-called ‘boomers’ are often labelled as technology-shy, but new research from payments-as-a-service platform Modulr shows fintechs who overlook them are missing a trick – in many ways they are their ideal target customers.

Nearly three-quarters (74%) of over 65s say they use bank transfer and payment apps to make instant payments to friends and family. Only marginally behind 25 to 44 year olds, 87% of whom use this payment method.

Some 93% of over 65s say they now use contactless payments in stores with debit and credit cards.

One in five over 65s expects Britain to be a cashless society in 5 years. With 71% withdrawing much less cash now than they did a year ago.

Confirming it is not just those over 65 who are perceptive to new payment methods, 60% of 45 to 64-year-olds said they often have no cash on them while out or at home.

In fact, the majority of all those surveyed said there’s no excuse for any brand not to offer the same kind of instant services they enjoy in other areas of their life, as slickly delivered by the Ubers and Amazons of the world.



Customers of all ages now expect instant payments, instant receipts and super-easy processes. Yet only a third of those surveyed see any type of online service provider fully meeting their expectations when it comes to payments – the factor that makes or breaks customer experience.

This comes from the October 2021 research, The Digital Now: Meeting your customers’ payments expectations which asked thousands of consumers what they liked, disliked and expected of the best payment experiences in the market.


The industry reacts:


Vishaal Vadher, Payments at Revolut commented, “The pandemic has accelerated the adoption of behaviours that were already gaining traction. The fact is that customers’ behaviour isn’t changing, it’s already changed. The digital consumer is already here and we’re not just talking about millennials & Gen Z. Modulr’s research proves that a truly digital financial experience is not just a trend for the future, but a requirement for survival now.“


Jill Docherty, Head of Business Development, UK&I at Visa commented, “We’ve all seen many aspects of our lives transform as a result of the pandemic; from how we work, to how we interact, and of course, how we choose to shop and pay.

“At Visa, we believe an understanding of what motivates, inspires and drives consumer choices in this new environment will be key to how businesses can create experiences that really resonate with their customers, no matter the demographic.”


Janine Hirt, CEO of Innovate Finance, said, “One of the many unique strengths of FinTech companies is that they use the latest technology and processes to deliver excellent customer experiences. However, this research shows that many people still find paying for things online a source of frustration – that is a critical challenge to the FinTech industry, which it needs to solve.

“Given the speed of innovation in payments, there is a risk of excluding those who are not as confident with digital transactions. Part of the solution must be FinTechs continuously improving their consumer-facing processes, so that they are clear, easy to use for all ages, and foster trust.”


Myles Stephenson, Founder & CEO of Modulr comments on the findings, ““This is a big opportunity for fintechs. To grasp it fully they need to know where to focus their energy. On the surface, this means providing the best digital experience, but they need to make sure their payments plumbing can support their ambitions. Only those FinTechs that create – and brands that adopt – an instant, convenient and trusted customer experience will succeed in the instant economy.”