Every few decades, one generation comes along and disrupts an economy with new innovations, proving that things that were once deemed necessary are now outdated or inefficient. Today, as the largest and most technologically adept generation in American history, millennials are poised to force just such a change in the banking sector.
Millennials – the more than 80 million young adults in the U.S. bound to inherit and earn tens of trillions of dollars in the coming decades – are the generation most attuned to the banking industry’s shortcomings. While banks were once necessary and integral parts of communities, the four leading banks in the country are four of millennials’ least loved brands today. Moreover, 33% percent of millennials believe that they will eventually not need a bank at all, according to the Millenial Disruption Index, a three-year survey of over 10,000 millennials. According to a recent survey by Blumberg Capital, 60% of Americans feel banks fail to keep up with their needs and 57% believe traditional financial institutions will not exist as they do today within their lifetime.
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