why millennials don't like banks

16 % of MILLENIALS of general U.S. populaon 31 % THEY PREFER ALTERNATIVE FINANCIAL PRODUCTS THEY TRUST TECH COMPANIES TO HANDLE THEIR MONEY Millennials pose a growing challenge to financial instuons. Banks, insurers and investment services must improve their range of offerings to meet the demands of their millennial customers—or risk irrelevance. READ CASHING OUT: HOW FINANCIAL INSTITUTIONS CAN SURVIVE DISRUPTION to learn more about the challenges posed by Millennials and customer-driven change. www.visioncrical.com/cashing-out-whitepaper Results among Americans aged 18+ with total sample size = 1,015, and fielding May, 2015. The margin of error is +/-3.08%. Other stascs cited from U.S. Census projecons (2013), “Who are the Millenials?,” Accenture (2013), “The Greater Wealth Transfer: Capitalizing on the Intergeneraonal Shiﬅ in Wealth,” Accenture (2012). More millennials have used online money management tools like Mint.com, Quicken and Powerwallet More millennials have tried remote check deposit More millennials would switch their checking account from their bank to a company like Google or PayPal if these companies decided to offer checking accounts in the future 27 % More millennials use alternave products like prepaid cards, check cashing services, payday advance loans, money transfer agents (e.g., Western Union), pawn brokers and installments lenders. WHY MILLENNIALS DON’T LIKE BANKS There are 80 million in the U.S. They’re now adults, with jobs, kids and homes. And they dominate the economy, spending $600 billion annually. $ THEY’RE DIGITAL PIONEERS of MILLENIALS of general U.S. populaon THEY DON’T USE BANKS They’re twice as likely as the general populaon to hold no bank accounts or credit cards. 41 % More millennials have used person-to-person mobile payments More millennials have tried using digital currency to make a purchase 44 % of millennials 26 % of general U.S. pop 43 % of millennials 26 % of general U.S. pop 43 % of millennials 26 % of general U.S. pop 37 % of millennials 22 % of general U.S. pop

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Page 1: Why Millennials Don't Like Banks

16%

of MILLENIALS of general U.S. population

31%

THEY PREFER ALTERNATIVE FINANCIAL

PRODUCTS

THEY TRUST TECH COMPANIES

TO HANDLE THEIR MONEY

Millennials pose a growing challenge to financial institutions. Banks, insurers and investment services must improve their range of offerings to meet the demands of their

millennial customers—or risk irrelevance.

READ

CASHING OUT: HOW FINANCIAL INSTITUTIONS

CAN SURVIVE DISRUPTIONto learn more about the challenges posed by

Millennials and customer-driven change.

www.visioncritical.com/cashing-out-whitepaper

Results among Americans aged 18+ with total sample size = 1,015, and fielding May, 2015. The margin of error is +/-3.08%. Other statistics cited from U.S. Census projections (2013), “Who are the Millenials?,” Accenture (2013), “The Greater Wealth Transfer: Capitalizing on

the Intergenerational Shift in Wealth,” Accenture (2012).

More millennials have used online money management

tools like Mint.com, Quicken and Powerwallet

More millennials have tried remote check

deposit

43%of Millennials

More millennials would switch their checking account from their bank to a company like Google or PayPal if these

companies decided to offer checking accounts in the future

27%

More millennials use alternative products like prepaid cards, check cashing services, payday advance loans, money

transfer agents (e.g., Western Union), pawn brokers and installments lenders.

WHY MILLENNIALS