Bank Marketing Strategy: Millennials Find Banks Irrelevant

A three-year study from Scratch, an in-house unit of Viacom, found that a third of millennials believed they won’t need a bank in the future. These millennials, defined as those between ages 18 to 33, also ranked the top four banks in the “ten least loved brands” and would rather go to the dentist than to their bank.Is this surprising?

This segment of the population has grown up in an era that saw trust in banking erode due to the financial crisis and a near stagnant economy. This is also a period when new technology has enabled firms like Simple, Moven, Square and PayPal to be more relevant with a generation that would rather handle finances on their phone than in a branch.

Here are some of the findings from the Millennial Disruption Index:

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About kennethcarnesi

Kenneth Carnesi holds a Juris Doctor degree from New York Law School and a Professional Certificate in International Banking from Harvard Law School. Kenneth Carnesi is the Director of Operations and Government Sales at Anaptyx LLC and sits on the Boards of The Lazarus Organization, Monkeetech LLC and MG Madison Phillips, Inc. Mr. Carnesi has also founded CICG - Carnesi International Consulting Group, a company specializing in strategy consulting to small to mid-size businesses.