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The banking industry is struggling to keep up with young consumers, who are getting rid of checks and cash, and gravitating towards the more seamless transactions of mobile payments.

Jan 21 2016

The banking industry is struggling to keep up with young consumers, who are getting rid of checks and cash, and gravitating towards the more seamless transactions of mobile payments. The amount of Americans visiting bank locations fell 12% from 2010 to 2014, while mobile banking share has gone up to 27%. Major tech companies like Apple, Google, Amazon, Facebook, and Samsung have started their own digital payment apps, and mobile-first tools like Venmo and Affirm are being quickly adopted by young consumers. Venmo’s payments more than tripled in the last quarter. Big banks know they are at a “pivotal point,” and Citigroup recently partnered with online lender Lending Club, for a future banking service that will be as easy to use as Uber. (NYTimes