Millennials Shun Brick-and-Mortar Banking

Millennials Shun Brick-and-Mortar Banking

You'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.

Learnvest

Get started with a free financial assessment.

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.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!