NEW GEN Z 101: Unlock & Outlast Microtrends

Big banks and startups will eventually have to join forces to get Millennials on their side.

Aug 18 2016

Big banks and startups will eventually have to join forces to get Millennials on their side. Young consumers’ distrust in financial institutions, prompted by the recession, has inspired a host of new fintech startups targeting the generation with innovation. Peer payment app Venmo recently added an option to pay in other apps using their service, and startups like Simple and Chime are offering ways to spend and save money instead of using a traditional bank. But services like these are “‘layered’ on top of FDIC-insured, existing banks,” meaning soon they will need to stop competing and start relying more on each other to cater to young consumers. (Business Insider