Understanding FinTech Adopters In Canada

Our FinTech Consumer Adoption Segmentation allows us to group consumers based on the values that drive their decisions towards or against the use of technology in the financial dealings

Posted on: Friday Jun 19th 2020

Article by: Bernice Cheung

Understanding the adoption of new FinTech products requires a particularly nuanced understanding of consumers’ attitudes towards both financial products and services as well as their willingness to use new technologies. Using our proprietary Social Values Framework along with data form our Canadian FinTech Syndicated Study, our team has developed a FinTech Consumer Adoption Segmentation that allows us to group consumers into four distinct segments based on the values that drive their decisions towards or against the use of technology in the financial dealings. Understanding the deeper motivations that drive these segments can help organizations understand and predict the future of FinTech adoption in Canada.

Our team has developed a FinTech Consumer Adoption Segmentation that allows us to group consumers into four distinct segments

Meet the Fintech Adoption Segments:

Enthusiastic Experimenters

25% of consumers

Enthusiastic Experimenters thrive in complexity. As a segment, they are least likely to be complacent with their decisions. Instead, they actively optimize their choices – making conscious, deliberative decisions based on deep and rational analysis of options and potential outcomes. Of our 4 segments, these FinTech adopters are the most likely to be among the first to experiment with new technologies and are quick to pass on their knowledge of those products to friends and colleagues.

Key Values

Enthusiasm for Technology
Importance of Aesthetic
Adaptability to Complexity

Adaptive Achievers

32% of consumers

Adaptive Achievers are hard workers with high levels of education and income. They are proud of their achievements and place a great deal of importance on displaying the benefits of their hard work to others. While these consumers are curious about the benefits of technology, they would rarely try it out for the sake of exploration. They are the most likely to say that they wait for people they know to have used that technology before trying it.

Key Values

Need for Status Recognition
Ostentatious Consumption
Attraction for Crowds

Anxious Traditionalists

35% of consumers

Anxious Traditionalists account for the largest portion of consumer among our four segments and, unlike Enthusiastic Experimenters, they are much less likely to make their decisions based on a rational analysis of choices and instead rely on the first thoughts that come to mind. They are the most likely to claim to be the last person they know to use a new piece of technology but can easily get on board if it means going along with the crowd.

Key Values

Attraction to Nature
Technology Anxiety
Control of Privacy

To gain an even deeper insight into FinTech adopters along with consumers attitudes and awareness to a range of FinTech services, subscribe to our Canadian FinTech Syndicated Study or contact VP of Financial Services Bernice Cheung to learn more.

Tags:

Solutions