Millennials are killing Banks…

Millennials are killing Banks…

Business Insider has article online about Millennials killing all kinds of retail type businesses – here’s what they say about banks:

Millennials distrust financial establishments and rarely visit physical banks.

“There’s a massive shift in consumer behavior and consumer trust,” Rick Yang, a partner at the venture-capital firm New Enterprise Associates, told Business Insider. “I think coming out of [the financial crisis], millennials have a massive distrust of existing financial services.”

While banks themselves will probably never die, bank branches and physical bank locations may soon be a thing of the past.

Nearly three-quarters of millennials with a bank account visit a branch once or less a month, according to BI Intelligence data. And slightly less than 40% of millennials do not visit physical banks at all.

For more go to the Article

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