It is clear that conventional banking is far from a perfect insitution. There is simply too much risk in a Millennial trusting a system that has been shown to fail.
With past events highlighting the instability of banks, it is no surprise that Millennials are considering other forms of storing wealth. The majority (68%) of Millennials would strongly consider leaving their traditional banking relationships and swapping to a tech company’s digital banking and payment services - Facebook, Google, Apple and Amazon offerings. Quite a stark contrast with only 32% of Baby Boomers ready to make that same shift from their current banks