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Home   >   Feature   >   4 Reasons Banks Can’t Keep Up With Millennials And Money

4 Reasons Banks Can’t Keep Up With Millennials And Money

By on June 8, 2015
millenials and money

4 Reasons Banks Can’t Keep Up With Millennials And Money

millenials and money

One of the most used words on the internet is ‘millennials’. Especially millennials and money.  We are the talk of the town! It seems like every day there are dozens of articles about our lack of spending, our non-loyalty to brands and companies, our unwillingness to buy a house and finally our dislikes for banks.

 

Let’s explore why. Here’s 4 reasons banks can’t keep up with Millennials.

 

Irrelevant Products

 

Our generation is being crushed by student loans, a seemingly unstable economy and a government that is trillions of dollars in debt. As millennials, we aren’t looking for ways to refinance a housing or talk with investments and retirement advisors…because we barely have any money to begin with.

 

Startups

 

Startups are pushing the bar forward and disrupting various industries thanks to technology. The banking industry is feeling the effects of this disruption in many ways. Companies such as Simple Bank and Moven are using mobile and web apps to make banking easier. Limited or no fees, well designed apps and a short list of features are what is drawing millennials towards these companies.

 

Slow to Innovate

 

Lets be serious, any bank that is making you pay to access your account online should be shut down immediately. Has it not crossed the minds of banks that many of its customers have smartphones and want to be able to check their information of the go?

 

 

Lack of Transparency

 

Everything is so hush hush at a bank. From the mumbo jumbo banking agreements one signs to unknown charges against your account by the bank. I know banks have to make money but charging your customers $10-100 for account maintenance is a crime.

 

The thing about millennials is we know we have options and aren’t afraid to take our business elsewhere. If banks don’t catch on to this, new smaller products will gain our loyalty and once that happens, good luck trying to sway us.