Now that most Millennials are receiving steady paychecks, this generation is truly powering the rapid adoption of financial technology. However, their expectations and demands are “bumping up against the limitations of traditional financial frameworks, which can seem lethargic and unresponsive.” 70% of Millennials say mobile banking is important to them, far more than previous generations. Meanwhile, a Bank of America survey indicated that Millennial small-business owners are five times more likely than Gen Xers, and 10 times more likely than Boomers, to receive funding from peer-to-peer lenders, and fewer than half would rely on banks for first-time financing needs. Considering Millennials’ spending is estimated to rise to $1.4 trillion in five years, financial institutions need to adapt to a tech-forward, non-traditional mindset. (Newsweek)
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