Banks start to welcome millennials

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A three-year study from Scratch, an in-house unit of Viacom, found that a third of millennials believed they won’t need a bank in the future. These millennials, defined as those between ages 18 to 33, also ranked the top four banks in the "ten least loved brands" and would rather go to the dentist than to their bank.

53% of Millennials don’t think their bank offers anything different than other banks. 1 in 3 say they are switching banks in the next 90 days. 33% believe they won’t need a bank at all in the future. Nearly half are looking for tech start-ups to overhaul banking.

Millennials are extremely important to banks and other businesses. They will be the bulk of the consumer population and workforce, and they want to do it all from their smartphones.

Three steps for attracting millennial customers It’s a simple fact: Millennials are your future customers. Already the largest group in the workforce, the leading edge is now in their 30’s and reaching an age when they have stable jobs, are forming families and buying homes.

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He pointed to the recent launch of Momentum, an app for millennials that rounds up debit card purchases and applies them to a customer’s student loan balance. The thousand-dollar baby gifts are distributed to parents in the form of Leaf gift cards, which can only be.

At the same time, 87 percent of millennials seek financial thought leadership through at least one social network. As a result, banks are looking for more ways to serve millennials and help them reach their financial goals by building partnerships and creating online finance services.

Not even 4 out of 10 millennials were married in 2016, compared with almost 6 out of 10 young adults in the late 1980s, representing a generational shift away from the altar, a recent paper from the.

 · Millennials, banks are not your friends.. One of the most important financial literacy lessons you can teach young people is how to deal with banks.. Welcome to The Globe and Mail.

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