Around one third of millennials does not need a bank as it is irrelevant for their banking needs, according to a new study ‘Millennial Disruption Index (MDI)’ by Viacom’s Scratch.
The study was conducted on 10,000 millennials from 73 companies around 15 industries to find out the industries that are most loved and that are on the verge of disruption by millennials.
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According to the study, 70% of millennials said their method of making payments will change totally in the next five years. The study also found that millennials are looking for other industries to meet their financial needs.
All the four major banks of the US are listed in the 10 least loved brands across industries. Around 50% of millennials said their bank offers nothing different than other service providers.
Scratch executive vice president, Ross Martin, said they are hearing so loud and clearly from their biggest audience that there is a whole industry that is not meeting their needs.
"We see such a big opportunity for banks here," Martin added.
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