Banking is in the throes of unmatched change and potential disruption. The shift to digital and mobile technologies combined with changing consumer demographics—especially the increased importance of Millennials—present vast opportunities for innovators. This blog describes critical elements banks need to consider to become more relevant to Millennials.
First, let’s look at Millennials research data…
In the U.S. in 2015, Millennials (who are defined as 18 to 34 years of age in 2015) now outnumber Baby Boomers according to Pew Internet Research. The population make-up in many other countries is mirroring this generational and cultural shift. And as Quisk has written before, Millennials have very different views toward banking relative to other demographic segments.
Net/net: banks are ominously at risk of disruption. Some of the more powerful views of Millennials, which are detailed in The Millennial Disruption Index, are summarized here: