Nearly three quarters of America's millennials would rather go to the dentist than listen to what their banks have to say and are more interested in hearing from tech firms about financial services.
This research has got to the crux of the real threat to the banking industry. Trust in the banking sector has continued to drag and this is particularly true of generation Y and will be even more of an issue for digital natives. With peer to peer lending,
virtual currencies etc the shape of the banking industry is fundamentally changing... Now it's down to the banks to work out how they will respond..
Trust , yes. But more than trust, it is also about service, ease of use and functionality.
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© Finextra Research 2015