Abstract
This study investigates the Millennials and Gen Z perception toward Fintech services, their usage intention, and their financial behavior. The study took place in the Palestinian context with a global comparison among these generations. The authors used the questionnaire-based technique to meet the study objective. West Bank respondents were selected for this purpose; the study instrument was distributed through different social media channels. The findings show that reliability/trust and ease of use are the main issues in using a financial service. Millennials are more aware (48%) of Fintech services than Gen Z (38%), which is different from the global view where Gen Z is the highest. The smartphone penetration rate is 100% among both generations, while the financial inclusion ratio in Palestine is around 36.4%; these clear indicators are the main Fintech drivers to promote Fintech services in Palestine, and these are global indicators for Fintech adoption intention. Both generations (84%) intend to use e-wallet services, Millennials (87%) and Gen Z is (70%) prefer using real-time services. Half of the respondents see that Fintech plays a complementary role with banks. The majority see that Fintech services are cheaper than bank services. Wealth management, and robot advisor services, and both generations are looking to acquire them in the long run. The authors revealed that 85% of respondents from both generations trust banks, so it is recommended that banks digitize their financial services to meet the customers’ needs, considering that 90% of respondents see that promotions are a key issue in adopting Fintech services. Promoting e-wallet services by banks is highly recommended due to the massive rivalry with Fintech parties.
Highlights
This study investigated the major differences between the two main players in the Financial technology (Fintech) world; Millennials and Gen Z are the most Fintech adopters and having the highest awareness level for Fintech services among all generations, the results indicate that there is a high intention level in using Fintech services among both generations, Millennials show the highest level of intention compared with Gen Z
Millennials revealed that they have higher experience and awareness in Fintech services and applications
The recent studies and statistics show that Gen Z globally has the highest adoption intention of Fintech services and their advanced knowledge in Fintech
Summary
Both generations would like to pay through mobile, Millennials chose these two categories; mo- This study aims to explore the role of Fintech in bile phone bill and mobile top-up charge, while the market from Millennials and Gen Z point of. This study aims to investigate the generations of Fintech usage behavior
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