Half of millennials reject traditional banks

Stefan Mileschin · 18th June 2021, 06:44

Most are planning digital switch this year

More than half of millennials are happy to switch to or already have a digital-only bank.

According to a deVere Group global poll of 550+ clients born between 1980 and 1996 show that 59 percent of those surveyed already only ever use digital banking services or are planning to make the switch to do so this year.

The respondents are clients who currently reside in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America.

Of the poll’s findings, Nigel Green, deVere Group CEO and founder said: “This is more bad news for traditional banks, which seem to have been in a perpetual game of ‘catch-up’ in recent years amid evolving customer expectations, regulatory requirements and tech advances.

“Millennials are the fastest-growing cohort of clients; and second, because they are becoming the beneficiaries of the Greatest Transfer of Wealth in history.”

According to some estimates, $68 trillion in wealth is to be passed down from the baby boomers – the wealthiest generation ever – to their children and other heirs (millennials) over the next few decades.

https://fudzilla.com/news/53061-half...ditional-banks

18th June 2021, 06:44	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,753	Half of millennials reject traditional banks Most are planning digital switch this year More than half of millennials are happy to switch to or already have a digital-only bank. According to a deVere Group global poll of 550+ clients born between 1980 and 1996 show that 59 percent of those surveyed already only ever use digital banking services or are planning to make the switch to do so this year. The respondents are clients who currently reside in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America. Of the poll’s findings, Nigel Green, deVere Group CEO and founder said: “This is more bad news for traditional banks, which seem to have been in a perpetual game of ‘catch-up’ in recent years amid evolving customer expectations, regulatory requirements and tech advances. “Millennials are the fastest-growing cohort of clients; and second, because they are becoming the beneficiaries of the Greatest Transfer of Wealth in history.” According to some estimates, $68 trillion in wealth is to be passed down from the baby boomers – the wealthiest generation ever – to their children and other heirs (millennials) over the next few decades. https://fudzilla.com/news/53061-half...ditional-banks

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