Millennials Shun Brick-and-Mortar Banking

Anna Williams
Posted

millennial bankingYou’re probably already using Google for everything from web searches and directions to e-mail and your personal calendar.

So would you also trust the tech giant with your money?

That might depend on your age. A new Accenture survey finds that 40% of Millennials (those between the ages of 18 and 34) would consider banking with Google—compared to just 23% of Gen X-ers (ages 35 to 54) and a mere 5% of those over age 55.

Overall, 72% of Millennials would be likely to park their money with any alternative banking company—whether in the technology, telecommunications, retail, or shipping/postal company space—if such businesses started offering services.

In other words, “Tomorrow’s consumer is coming of age with a very different perception of what a bank could be,” Wayne Busch, managing director of Accenture’s North America Banking practice, said in the survey press release.

But while the younger generation may no longer require brick-and-mortar branches to do their banking, they are looking for something extra: The survey also found that Millennials are the group most likely to want their banks to provide extra services and benefits. For example, more than two-thirds of younger respondents would like their bank to provide an analysis of their spending habits, and more than half would like help with the process of buying a home.

If you’re looking to revamp your own banking experience—whether you’re a Millennial or not—check out four new alternatives to traditional banks and find out which banking strategy could work best for you.

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