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07/27/2022

NCR Says Financial Literacy Should Be Left to Community Banks and Credit Unions, Not TikTok

PYMNTS.com

Strong growth in digital banking during the pandemic didn’t come with seminars in financial literacy. It should have, as younger demographics are found to be less fluent in personal finance than older cohorts, and a little education goes a long way in improving this situation.

Social media tends to be the go-to information source for Gen Z and millennials, and as NCR Digital Banking President Doug Brown told PYMNTS’ Karen Webster, that’s not a good thing.

It’s the job — even the ethical responsibility — of financial institutions (FIs) to get out in front of the social influencer hype with informed advice from professionals who can impart truly valuable financial knowledge to less experienced people first entering the financial mainstream.

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