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The millennial generation’s distrust of markets and banks is statistically pervasive and replicated across multiple studies. Most millennials would actually rather go to the dentist than listen t what banks are saying.
It’s obvious that Millennials prefer digital engagement, but the intensity of this preference is eye-popping. Gallup found that 73 percent of Millennials prefer to have a digital relationship with their bank rather than a personal relationship, meanwhile only 58 percent of Gen Xers, 43 percent of baby boomers, and 28 percent of traditionalists said they preferred a digital relationship. And Millennials act on this preference, with 84 percent reporting that their relationship with their bank is primarily digital. While banks have significantly broadened their digital services in recent years, there’s still room for improvement, as a FICO report found that 43 percent of Millennials “don’t think that their bank communicates to them through their preferred communication channels.”
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