According to the Millennial Disruption Index, 71 per cent of
young people would rather go to the dentist than listen to what
their bank is saying, and new research from Viacom's research
arm, Scratch, finds a third of Millennials expect to be bank-free
in the near future.
Meanwhile 75 per cent say they would prefer financial services
from start-ups and tech companies such as Apple or Google.
US fintech phenomenon, SoFi, has been at the forefront of new
customer acquisition and retention strategies, including career
counselling and using data analytics to match-make their customers
in "Singles Nights" cocktail functions.
The Big Four Australian banks know the challenges that lie ahead
and have been busy investing billions in technology, change
management and partnerships to maintain relevance.
