Millennials are killing 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.
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