We just stumbled across the Millennial Disruption Index, a great insight into the thought of the generation born 1981–2000 on banks and financial institutions. We’ve mused about the future of this industry before. Let’s rehash the 4 problems we saw in the future of banking:
1. They are interchangeable
2. No more real world experience
3. Weak core values
4. No positive brand experience
The findings of the Disruption Index are right up our alley. Here are highlights:
- 53% don’t think their bank offers anything different than other banks.
- All 4 of the leading American banks are among the ten least loved brands by millennials.
- 73% would be more excited about a new offering in financial services from GOOGLE, AMAZON, APPLE, PAYPAL or SQUARE than from their own nationwide bank.
- 33% believe they won’t need a bank at all.
- 99% say they are ready to switch banks—with 12% claiming they would switch banks for as little as one free coffee every month.
- 33% say they most value sustainability in a money brand, with the majority of a younger age bracket (between 18 and 24 years old)
- 52% say their phone or laptop would be the one thing they would save from a fire
About time the financial industry brushed up its image and turned its brands into positive consumer experiences.
Cover photo: myfuture.com/FlickrCC