FIS News Room
A new study from FIS® (NYSE: FIS), a global leader in financial services technology, shows how the shopping preferences of younger UK consumers have shifted as adoption of embedded finance services reaches mainstream usage among Millennials and Gen Zs, while their older counterparts are less engaged with newer, digitally-oriented financial experiences.
Embedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. Most commonly, consumers use embedded finance in the form of in-app payments, like on social media platforms where a purchase is completed without leaving the platform, or as Buy Now Pay Later offerings at checkout. There is also growing potential to use embedded finance across loyalty programs, investments, and insurance offerings as consumers become increasingly comfortable with accessing financial services through non-traditional means.
Young consumers want to shop seamlessly via social media:
- 78% of Gen Z and 70% of Millennials say they are likely to make a purchase directly through a social media platform in the next 12 months, according to the recent survey.
- Meanwhile, Gen Zs (27%) and Millennials (24%) said they feel social media purchasing encourages more frequent, unplanned spending.