Why Millennials Hate Today’s Banks

According to Pew Research, the largest demographic in today’s workforce is the Millennial Generation. Millennials are set apart from previous generations because they have grown up accustomed to technology.

There is no aspect of their lives that has not been impacted by modern technology, resulting in a deep obsession with technology that is difficult for other generations to understand. Older generations are slowly catching up to the trends in modern technology, but for Millennials it was almost built-in — there was no catching up needed.

With this sense of technological innovation and optimization, Millennials are not happy with what they are getting from banking institutions and financial services. For a generation that orders groceries from an application installed on their phone, the status quo is unacceptable and that is why there is so much action happening in financial technology (FinTech). Moral of the story: banks need to innovate their traditional services to appeal to the growing Millennial demographic.

Expectations

Millennials have expressed an overwhelming desire to change the way the financial landscape has looked and worked for decades.

Here are some of the views that describe the Millennial vision for banking:

• They want banking to become digital. Intuitive visualizations for showing financial data, i.e. expenses, revenues, etc.
• Banks should focus on improving the lives of its customers instead of its executives.

Some of the most common expectations of Millennials from the banking sector include the eradication of hidden charges, transparency, privacy, smaller financial institutions, and easy management of accounts.

What Must Banks Do?

Banks need to understand that they are doing business in a world, which is more diverse than ever before. They need to sustain their traditional banking services to keep the older generation happy while innovating to get Millennials engaged at the same time.

Check us out at www.banknovo.com