The financial crisis has triggered distrust between Millennials and financial institutions, negatively affecting traditional banks. At first glance the future of banks looks grim: 71% of Millennials would rather go to the dentist than to the bank, 73% are more interested in financial services from Google and Amazon than established banks, and 33% believed they won’t need banks in five years. However, banks have the opportunity to cater to Millennials by putting digital first: 74% say mobile banking is very important to them, and 40% said they rather communicate with banks via email and websites. (Avoka)
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