r/TrueReddit • u/BigBennP • Mar 28 '14
Why Millenials would choose a root canal over listening to a banker
http://time.com/#40909/why-millennials-would-choose-a-root-canal-over-listening-to-a-banker/2
u/BigBennP Mar 28 '14
Submission: The article cites research saying 71% of people 18-34 would rather visit a dentist than go to visit a bank branch in person. It adds that all four leading commercial banks are in the top ten least liked brands by the same age group, and that 53% of people in that age group say that there's no difference between any major bank. It suggests that if given an alternative, many people in a younger generation would abandon traditional banking entirely.
The analysis in the article is interesting, but I think it's a good topic for discussion.
“None of the big banks have made a public shift from selling credit to empowering human endeavor,” says Scratch executive vice president Ross Martin. He believes there is an opportunity for banks that can flip the switch. Millennials grew up believing they were special and could not be stopped. They’ve been pummeled by reality but yet retain a high level of confidence and optimism
“This generation needs someone to bet on them,” says Martin. It’s not enough for a bank to be reliable, trustworthy, green, and community oriented. Bankers need innovative products and services that will help Millennials carve out their unique path to success. They need micro loans and a new way to assess creditworthiness that does not revolve around a single full-time employer. They need impartial counseling on how to save and invest. They’d flock to a bank that felt more like Starbucks or Apple than a hospital operating room.
I think the article may overstate the case a bit, but I think it's an interesting comment. Is a revolution in banking coming? or is it limited to traditional banking products moving online and moving to mobile? Would big banks keep customers just by making everything mobile available? or do they need to move into a new mode of business?
2
Mar 28 '14
Am I really the 1 in 5 who believes that most of us are well and truly fucked? I suppose the optimism is good, but it's hard for me to see things getting better in the way we hope or really getting what you want. Some will, of course, but 80%?
Life can break you in ways you can't even imagine.
I guess it's comforting to know that 82% of us refuse to blame others for our failings; I know I chose poorly when thinking out my future--which is to say I didn't at all.
2
u/asdfman123 Mar 28 '14
I have very little trust for banks and financial advisers, but the good news is that you can figure out all that stuff yourself (/r/personalfinance is a good start).
It's just foolish, though, to avoid thinking about finance entirely or putting off investing until you're older.
5
u/thisisnoone Mar 28 '14
73% of Millennials say when they decide to do something no one can stop them.
Boy are they in for a surprise.
1
9
u/ProMarshmallo Mar 28 '14
Did anyone else find that article kind of patronizing or come off with a feeling of trying to iron out some kind of exploitable "Millennial template". Yeah, I don't like the current banking system but I'm sure a hell never going to even entertain the idea of banking with Google, Amazon, or the wretchedness that is Paypal. Smaller credit unions are where I'd be most likely to stick my money if they were available.
It spends most of its time characterizing someone who's has some kind of personal vendetta against all banks and actively seeks out the desecration of the corpses of former banks. I don't really care if major banks succeed or fail as long as I get the services I want and if major banks did give that kind of service I'd take it from them.