The world of money and finance is on the verge of enormous disruption.
Due to the digitisation of money, big data, smartphones and social media, how we pay, earn, save and invest – and the infrastructure supporting it – is changing irrevocably.
And the pace of change is accelerating. In Ireland, we have proven ourselves to be enthusiastic adopters of new technologies: since launch in 2006, one-third of all Irish Facebook accounts were created in 2009. This shows us that, after a lead-in, we reach a tech tipping point very quickly.
But who will lead this transformation of money and payments in Ireland?
We carried out a national survey on Irish people’s awareness of and attitudes towards new transaction and financial technologies. We discovered that, while Millennials might adopt mobile wallets first, we are witnessing a hidden tipping point in which Generation-Z – Ireland’s digital natives under-21 – who will drive much deeper changes.
Here are our key findings.