This is an interesting article on how the largest generation in the U.S. is going to affect the banking industry:
The Millennial Generation: Banking’s Big Problem, and It’s a Good Thing The Millennial generation is proving to be a large force behind the transformation and disruption of the banking industry. Their distinct habits and preferences will be responsible for reshaping the global economy in the decades to come.
Millennials are the largest generation in the U.S. and the fastest growing demographic in the world. Organizations and corporations worldwide are trying to figure out how to engage this generation whose brand relationships and patterns of consumption are distinctive from those of generations past. Young people think differently, consume differently and use traditional services differently. Companies who successfully unlock the keys to the habits of Millennials will reap major profits.
The banking space has felt the effects of this more than any other industry to date. It is pretty safe to say that millennials hate traditional banking. The Millennial Disruption Index is a three-year study based on extensive interviews with over 10,000 respondents who answered questions about which industries were most likely to be disrupted in the coming decades. Key findings include:
Millennials believe banking is at the highest risk of disruption out of all the industries in the survey.
53% think their banks offer nothing different from other banks.
71% would prefer to go to a dentist than listen to what banks are saying.
1 in 3 are open to switching banks in the next 90 days.
Four leading banks — JP Morgan, Citibank, Bank of America and Wells Fargo — are among their least favorite brands.
They also have big ideas on the future of money and finance:
68% believe accessing money will be different in five years.
70% believe paying for things will be different in five years.
33% believe banks aren’t needed at all.
50% believe startups will change the way banks works.
73% would be more excited about a new offering in financial services from Google, Apple, Amazon, Paypal and Square than a nationwide bank.
It’s no wonder that banks may feel threatened and that the executives at these banks believe they could be facing increasing profit-margin pressure and outright disintermediation, as highlighted in a recent Accenture report.
Demographics and CharacteristicsGoldman Sachs put out a report on the demographics and characteristics of the Millennials titled “Millennials Coming of Age.” Millennials were born between the years 1980 and 2000 and are considered the largest generation in American history at 92 million. For comparison, Generation X has 61 million and the Baby Boomers have 77 million.
Goldman recognizes five defining characteristics of this generation:They are the first digital natives — the first generation that has grown up fully connected to smartphones and the Internet.
They have use social media in a profound way and are completely “connected.”
They have less money to spend.
continue reading:
http://cointelegraph.com/news/114348/the-millennial-generation-bankings-big-problem-and-its-a-good-thingThe findings are very telling. Banks and financial services must take the changing landscape very seriously and start building new partnership with no other than DNotes. We have made and will continue to make dedicated efforts to serve both the students and the women's market. These are two very dominant forces that cannot be ignored.
DNotes is the only digital currency invited, and I will be a speaker addressing a prestigious group of investors and VCs at : Silicon Dragon NY 2015
Silicon Dragon NY 2015: Innovation Revolution
June 22, 2015, 5:30pm – 9pm
NASDAQ Market Site, 43rd / Broadway
It's quite an honor. DNotes is getting discovered. Check it out:
http://www.silicondragonventures.com/events/events-2015/silicon-dragon-ny-2015/DEALMAKER PANELJim Robinson, Co-founder/Managing Partner, RRE Ventures
Pat Kenealy, Managing Director, IDG Ventures USA
Alessandro Piol, Partner & Co-founder, Alphaprime Ventures
Annemarie Tierney, VP, Head of Strategy and New Markets, NASDAQ
Sandy Carter, General Manager, Worldwide Cloud Ecosystem, IBM
Claudia Iannazzo, Partner, Pereg Ventures
Moderator: Rebecca Fannin, Silicon Dragon / Forbes
INNOVATION SPOTLIGHT: DIGITAL CURRENCIESFrancesco Rulli, Founder, BitLanders & BitCharities
Sarah Martin, VP, Digital Currency Council
Alan Yong, Founder, DNotesModerator: Porter Bibb, Managing Partner, MediaTech Capital Partners