Investing in Banking Technology to Win Over Generation Y

[kreslik.news]

By Nick Nesbitt, consulting services director at Tagetik UK.

Millennials are the largest emerging market globally and the largest source of wealth ever. By 2018 this demographic will have combined, projected annual earnings of $3.4 trillion and by 2025 it will account for 75% of the workforce.

The majority of them however do not seem to like traditional banking and this is a big problem for banks. According to research carried out by Scratch, 71% would rather see a dentist, 80% have no retirement account, 73% favour financial technology alternatives and 33% believe they won’t need a bank in ... (read more)