There’s a facet of people creating a stir in the banking world, and you’ve heard the term time and time again: Millennials. Being a millennial myself, I wanted to share some resources I felt were worthwhile.
In a study done by Scratch (the creative hipsters at Viacom) called The Millennial Disruption Index, it was the banking industry that millennials were most dissatisfied with. In fact, according to the study, “The change [within the banking industry] will be seismic.”
Why is this change happening? Danny Crichton, at techcrunch.com, wrote, “Millennials have entirely different [financial] goals [than generations before them], and yet, financial institutions have yet to respond with the kinds of products needed to satiate them.”
What is it that millennials really want from their banks?
According to his For millennials, banking is all about the apps article by Jeff Cox at cnbc.com, “SNL [a website that provides financial news and data] asked respondents whether they found their [mobile banking] app lacking; 53 percent said they did. Of that group, 54 percent said they would switch banks based simply on one offering better services from the applications they access through smartphones and other mobile devices.”
The advancement in technology seems to be the greatest cause of disconnect between banks and my peer group. We are asking for more – we want our banks at their fingertips, we want convenience, we want it fast, and we’re not that impressed with what our banks are offering today.