There’s not even one bank reading correctly the needs and preferences of Millennials. They don’t have the same criteria, interest, or expectations regarding banks.
This is the revolution that is already taking place in music, movies and series, books, newspapers, post, travel, rentals, y a huge etc., but applied to banking industry. I was lucky enough to live these revolutions very closely, and I am certain that banking is not there yet, I don’t see the signs. Banking is a very closed, regulated and protected industry, so it is not easy to enter. But it will eventually happen, we are going to see it.
An article, just to post one of the myriad:
Millennials Are Destroying Banks!
Not PayPal, nor moved.com. To me, it implies much more, a complete change in paradigm, with an impact on the business model and to the value proposition, a full redefinition of processes and customer relationship. Millenials require control, immediacy, transparency and continuity; they perceive a territory much broader than a single country.
Banking industry must think of radical spin-offs, instead of trying to “digitalize” models from the 18th century. Repeat what many did during the Internet bubble, but this time in a definite way, incorporating the missing factor then: mobility. Many will look at it and decide not to assume the risk of failure. But what is to come is not a “digital” bank, or a “direct bank”, it is the financial services company for the Twittyjet generation!