How Fintech Is Targeting Millennials Using AI and Machine-Learning

Learn more about AI and ML use cases to attract a prospective customer base.

Don't miss out on Computools' expert research and recent trends in the technology sphere. Subscribe to our blog!

In just five to six years, the first digital generation, the millennials, will own about 46% of global revenue. But even today they have a serious impact on the development of global economies. This is precisely the population base that will form the basic needs and values ​​in the future. It is well known that the financial sector is the slowest to accept any changes and regulatory schemes. However, the fintech industry is committed to transformation and innovation, taking into account the values ​​and needs of the millennials.

Fintech Industry Transformation for A New Digital Age

Adaptation of fintech companies to the needs of a new generation is a matter of time. Unfortunately, time is running out, as millennials quickly grow and fill the labour markets, dictating their own rules. The thing is that their values ​​and needs are different from the usual. For example, a study shows that about 78% of millennials refuse to go to the bank and other financial institutions. They prefer to receive information and monitor their finances using a smartphone.

That is why the fintech industry must transform itself, focusing on the millennials generation. But first of all, it should be understood what drives these young adults. Surveys and studies show that transparency, accessibility, relevance and speed of provided services come to the fore. At the same time, the reliability and security of financial services and institutions take on a new form and evaluation criteria. Now cybersecurity and the technologies that provide it are more important.

If banks define machine learning as an additional tool, that serves to the customer, they certainly get the millennials attention. The whole secret is the use of the latest advanced technologies that meet the requirements of modern times. The widespread use of ML and AI in the financial industry helps to increase the confidence rating among potential consumers.

The history of artificial intelligence shows that its use even in familiar services increases public interest. However, for the millennial, it’s important not only “what”, but also “how”. The robot is not a surprise for the digital generation; they require more complex tasks than simple answers to questions. For them, quality and speed are important, to be sure that all calculations are performed accurately.

Young people with phones

Mobile Financial Applications

One way of communication between banks or financial institutions and millennials is to penetrate a smartphone. A mobile application that allows solving a lot of financial issues without visiting a bank is the best solution.

Many apps are developed mostly for millennials since they are the main category of consumers. What does this mean for a financial institution? The finished product should be as convenient, intuitive and personalized as possible.

Inbound marketing to millennials is also suites the best. This generation will not buy material benefits, but will gladly draw attention to opportunities. They need to know that your application is fully consistent with their way of life: it is lightweight, available from anywhere in the world and they can get an answer at any time. It is here that it is important to apply a suitable innovative solution.

The implementation of AI and ML will help to ensure the functionality and operability of the application. Millennials value the ability to adapt and learn: the less time they spend on application settings, the better. Besides, for them, there is no need to oppose artificial intelligence vs machine learning because they know that in combination these technologies guarantee a more accurate result. Moreover, many representatives of the digital generation are looking specifically for machine learning jobs, seeing the future and prospects in this area.

Another important aspect to worry about is application design. The use of AI technology will attract attention, but its UX/UI design will keep it. It is important to understand that the user-friendly interface is as important as the services offered. Everything should be as simple, clear and easy to find as possible. You need to think through everything to the smallest detail: from icons to the navigation system.

Remember also about authorization and access to data. Apply face ID, fingerprint recognition – in a word, replace the password with something more modern and technological. This will be a plus to ensure data security.

Want to integrate AI & ML tools to manage workloads and monitor business risks?

Contact us →

Robo-advisors, AI-chatbots and Better Customer Service

For many financial institutions, AI chatbot is no longer a novelty. The implementation of such an assistant has relieved call centres and improved customer service. Using chatbots ready to answer any question saves the waiting time of a free operator and allows to quickly find the required information.

However, artificial intelligence software offers much more features than an answering machine. So, AI implementation excludes the human factor when conducting various kinds of calculations. This is especially true for trading and investment platforms.
The millennials pushed house purchasing or family creation down in the value system. For them, it is more important to pay off the debt for education in a short time and earn a fortune. Therefore, many experts predict the dawn of trading on the stock exchange and investment markets.

Back in 2018, prospective fintech startups offered a robotic adviser who selected the optimal objects for investment. Their application analyzed the market according to specified criteria and offered a list of projects. Conducting complex calculations and in-depth analysis, millennials will be trusted to the machine, not the human. Machine learning techniques have repeatedly proven their reliability and earned trust.

Another advantage of machine learning so attractive to millennials is personalization. Applications based on ML and AI take into account the preferences and interests of users. They easily adapt when the desired criteria changes and offer an updated list. Thus, creating a customized stock portfolio saves time and investment. Access to such a portfolio directly from the phone, the ability to invest in two clicks makes ML-based applications so popular.

Trading platforms offer earnings without getting up from the chair, because the robot, and not the user, will monitor the rate change. Firstly, such innovation has brought trading to a new level. Secondly, this way of earning and participating in the financial flow meets the requirements of the millennials as well as possible. Moreover, all you need to get started is a telephone, which is always at hand.

Robo-advisers can be used to analyze and predict changes in the market. This applies to the securities or real estate market, foreign exchange or investment. Work in proactive mode is able to bring high profits to the first one who made the right decision. Of course, some risks have to be taken to the account. But even the level of risk will be considered by a robotic adviser.

Focusing on the digital generation has given an excellent impetus to the development of IT-technology. However, financial companies should apply innovations in their work as soon as possible if they want to get promising clients.

The use of AI and ML technologies in the fintech industry transforms the usual models of financial transactions and relationships. But the main advantage is that in this way the future main customers are attracted – a progressive generation of millennials. This consumer base is already focused on the latest innovative technologies, which they will demand from financial institutions in the future. That is why it is so important to start to implement certain solutions today.

The Computools team has been developing a wide variety of projects for the fintech sector. Contact us at and discover new opportunities.

Computools is an IT Consulting and Software Solutions Development company that helps businesses innovate faster by building the digital solutions or bringing the tech products to market sooner. Discover our collaborative approach and industry expertise that spans finance, retail, healthcare, consumer services and more.

Contact us →

Contact Us

Get in touch to discuss your project or service expectations. Simply fill in the form below or send us an e-mail to

Thank you for your message!

Your request will be carefully researched by our experts. We will get in touch with you within one business day.

Our services

Clients trust us for our clarity, structure, high performance rate and intuitive functionality across every stage of the software development process

Optimizing for Growth

Improve efficiency of your assets and resources and optimize your organization for growth.

Platform & Product Development

Provide your customers with the latest and greatest platforms and products, target new markets, increase market share and revenue streams.

Technology Advisory

Turn technical challenges into innovation, competition into excellence, feedback into improvement, and hidden costs into realized gains.

Scalable Agile Delivery

Reduce your search, recruitment, and administrative efforts to rapidly scale your development capabilities, build technical and analytical competencies to deliver digital transformation initiatives.

Cloud and Data

Improve your company’s productivity with fact-based, data driven decisions enabled by best-in-class Cloud solutions.

Artificial Intelligence

Incorporate AI into your business to gain efficiency, empower your teams with the AI to boost productivity and improve decision quality.

Related Articles

Explore all

Thank you for your message!

Your request will be carefully researched by our experts. We will get in touch with you within one business day.