Millennials, who were born between 1981 and 2000, have rated banks or financial institutions as one of the most prime brand for disruption, according to a three-year study by Scratch, an in-house unit of Viacom that consults with brands.
The study conducted over 10,000 millennials found that a third of them believed they’ll be able to live a bank-free existence in the future.
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The study also revealed that the millennials think that the way they access money and pay for things will completely change over the next five years.
Nearly 53% participants said that they don’t think their bank offers anything different than other banks, while one in three said that they will be switching banks in the next 90 days.
Approximately half are counting on technology start-ups to overhaul the way banks work, whereas about 73% would be more excited about a new offering in financial services from Google, Amazon, Apple, Pa yPal, or Square than from their own nationwide bank.
Scratch executive vice president, Ross Martin, was quoted by Fast Company as saying, "We’re hearing so loud and clearly from our biggest audience that there’s a whole industry that’s not meeting their needs.
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By GlobalData"We see such a big opportunity for banks here."
