Watch Out Banks—Millennials Would Trust These Brands with Their Money

Young consumers don’t trust banks, and these are the brands they say they would trust with their finances instead…

Traditional banking is struggling with young consumers. The 2016 Millennial Disruption Index revealed that leading banks JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are among the top ten least-loved brands by Millennials, and our personal finance survey found that 37% of 18-36-year-olds say they don’t trust banks. The generation’s predilection for digital financial solutions has made “Venmo” a verb, and they aren’t just using peer-to-peer payment apps for bar tabs. CNBC reports that rent, utilities, and vacation expenses like plane tickets are being charged via fintech services like Venmo as well. Venmo has also invaded online shopping, allowing users to pay with their account anywhere that already takes PayPal—like Lululemon and Home Depot. They’ve also introduced a debit card, inching them ever-closer to banking services. Of course, in the wake of this digital financial invasion, those traditional banks have banded together to introduce their own peer-to-peer competitor, Zelle—but fintech startups might not be the only competition they have to worry about.

That same Millennial Disruption Index found that 73% of Millennials would prefer to handle their financial needs through Google, Amazon, Apple, PayPal, or Square. This year, the Wall Street Journal reported that Amazon might offer “a checking account-like product” that would appeal to young consumers and those who don’t have bank accounts. They have reason to believe consumers would be interested: Thirty-eight percent of Amazon customers told LendEDU that they would trust the online retail giant with their finances as much as they would a traditional bank.

But beyond Amazon customers, would all young…

 
 

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Quote of the Day: “I like playing and talking about [Animal Crossing] with other people. It's nostalgic for me since I've been playing games from the series from a young age.”—Female, 22, PA

Which brands had the most YouTube subscribers in 2018? In media, Warner Bros. topped the list with 6.4 million subscribers, followed by BBC and ESPN. Apple beat out last year’s winner for tech PlayStation, while Red Bull and Ford remained the reigning champs of food and beverage and automotive, respectively. Finally, Nike was first place in the clothing category for the second year running, with 30,000 more subscribers than their closest competitor, Adidas. (Tubefilter)

A “Little League for esports” is fostering future esports stars—and fans for life. Super League Gaming is bringing some much-needed organization to youth competitive gaming, building teams of young Minecraft, League of Legends, and Clash Royal players, helping them train and compete. But the program isn’t just for the next Ninja; just like traditional sports, kids get a sense of community among like-minded friends. (AP News)

Nielsen reports that Millennials actually consume less media than older demos, but more of it is digital. While the average adult consumes over ten hours of content a day, 18-34-year-olds spend less than eight hours with media. And the heaviest smartphone users are 35-49-year-olds, who spend 20 minutes more each day on average with their phones than Millennials. However, the younger demo does spend 44% of their media time with digital devices, more than older demos that spend more time with TV as they age up. (THR)

Vitaminwater is wagering $100,000 that you can’t give up your smartphone for a year. Contestants have to disconnect from internet-enabled devices where “texting is a pleasant experience” for 365 days and post a pic to Twitter or Instagram explaining why they need the digital detox. And when the year’s up, they have to prove it. Considering that 65% of 13-36-year-olds told Ypulse they would be unable to unplug from their smartphones for a week, earning that $100,000 may be harder than they know. (Fortune)

Hard seltzer revenue skyrocketed over 400% over the past 18 months. White Claw leads the way for the category with top-of-the-results organic search (they’re the number one Google result for “hard seltzer”) and a social media presence that focuses on health and wellness-related imagery. Sparkling water is already one of Millennials’ favorite things to drink, and its hard version could rise through the ranks of their top alcoholic beverages. (Gartner)

Quote of the Day: “People call [video game culture] nerdy but I see nerdy as a positive connotation.”—Female, 28, MA

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