Millennials will hold approximately $30 trillion in investable assets by 2020, composing a significant share of the market for Financial Services brands. Additionally, 55% of this cohort report that use of chatbots increases their positive perception of a brand, spelling urgency for financial services brands that have been reluctant to update their digital tools.

To fill in the gaps, Fintech disruptors are developing tools that answer common questions and add a personal touch to the experience. For example, insurance startup Lemonade uses AI capabilities to eliminate the human factor during initial consultations. The brand has presented an AI persona, Maya, and equipped it with scripts to follow up on abandoned transactions and offer additional incentives to enroll users.


The appeal of the low touch experience is high, especially for basic or low-risk type of insurances and among young people. Lemonade provides renter’s and homeowners’ insurance – categories where the losses are quantifiable, and nearly 90% of Lemonade’s customers are first-time buyers (likely millennials). Furthermore, 78% of those who switch are defecting from top Property and Casualty providers, highlighting areas most ripe for disruption.

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