Why Millennials Don't Like Banks

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WHY MILLENNIALS DON’T LIKE BANKS There are 80 million in the U.S. They’re now adults, with jobs, kids and homes. And they dominate the economy, spending $600 billion annually. T HEY DON’T USE BANKS They’re twice as likely as the general population to hold no bank accounts or credit cards. T H EY PREFER ALT E R NAT IV E F INA NCIA L P RODU C T S $ 41% 27% of MILLENIALS of general U.S. population More millennials use alternative products like prepaid cards, check cashing services, payday advance loans, money transfer agents (e.g., Western Union), pawn brokers and installments lenders. TH E Y ’R E DIGITAL PIONEERS More millennials have used online money management tools like Mint.com, Quicken and Powerwallet 44% of millennials 26% of general U.S. pop More millennials have tried remote check deposit 43% 43 % 26% ofof millennials Millennials of general U.S. pop More millennials have used person-to-person mobile payments 37% 43 % of millennials of Millennials 22% of general U.S. pop More millennials have tried using digital currency to make a purchase 43% 43 % ofof millennials Millennials 26% of general U.S. pop T HEY T RUS T T EC H COM PA NIES TO H AN D LE T HEI R MONEY 31% 16% of MILLENIALS of general U.S. population More millennials would switch their checking account from their bank to a company like Google or PayPal if these companies decided to offer checking accounts in the future Millennials pose a growing challenge to financial institutions. Banks, insurers and investment services must improve their range of offerings to meet the demands of their millennial customers—or risk irrelevance. READ CASHING OUT: HOW FINANCIAL INSTITUTIONS CAN SURVIVE DISRUPTION to learn more about the challenges posed by Millennials and customer-driven change. www.visioncritical.com/cashing-out-whitepaper Results among Americans aged 18+ with total sample size = 1,015, and fielding May, 2015. The margin of error is +/-3.08%. Other statistics cited from U.S. Census projections (2013), “Who are the Millenials?,” Accenture (2013), “The Greater Wealth Transfer: Capitalizing on the Intergenerational Shift in Wealth,” Accenture (2012).

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