The Impact of AI on UX in Fintech Payment Systems for Gen Z

Abstract

Recent financial tech studies report an increasing role of artificial intelligence in user experience. Unfortunately, little research has focused on user satisfaction with such systems among Generation Z. This thesis intends to bridge this gap by studying the impact of AI on Generation Z's satisfaction with fintech payment systems and, in turn, on their financial management in developed Europe. The thesis uses qualitative research to study AI's impact on Gen Z's satisfaction with fintech payment systems and how AI services financially affect Gen Z's life in developed Europe. The study combines a literature review and interview data to measure Gen Z’s involvement and trust in AI-based fintech. The findings also indicate that AI personalisation increases user satisfaction through tailored financial advice and the fast availability of customer support. However, privacy and data security are still serious concerns for Gen Z users. This research considers a particular age group, Gen Z, living in developed countries. Hence, the findings might not apply to other demographics or countries. The study makes use of theories on technology acceptance as well as generational behaviour in digital finance. The major finding concludes that AI can, to a significant extent, improve the fintech experience. But it has to go hand in hand with strict security measures to match the growing advancements in AI. This holds great importance in encouraging and building trust amongst young consumers.