Caught this stat the other day and thought I’d get your opinion of it ;)
58% of Millennials would consider banking with Amazon, Facebook or Google
if these tech giants enter the banking space
HAH! Could you imagine??
As if they needed any more of our money (or time)!!
But I missed the cut off of being a millennial and don’t even have a personal Facebook account anymore, so what does this Old fogy know….
I polled my twitter audience for better perspective and their responses did not disappoint ;) (And you can tell they’re millennials because of their epic gif game!)
Haha… that Free Prime idea probably would sway a few folks ;)
But as another (older) commenter pointed out, there’s no way these behemoths would even want to get into the business of banking and subject themselves to tougher financial regulations and more government scrutiny…
So probably not happening anytime soon, oh well!
Still, fun to think of/poke fun at ;)
Here were some other stats from the polling done by financial technology platform, Marqeta.com:
“Only 1-in-6 Millennials said they couldn’t imagine ever wanting to change from their current bank.”
Yup, same here! Over a decade banking with USAA and very much loving having all my accounts under one roof… I’m over the days of rate chasing…
UPDATE: I think I read that stat wrong, haha… It looks like it’s actually the *opposite* and people have no problems cheating on their banks! ;)
“48% of Millennials said they’d consider moving to an independent digital-only bank.”
“More than half of Millennials (52%) said they were comfortable using TouchID and FaceID to authorize mobile wallet payments — almost double the number of Baby Boomers (29%) who said the same.”
Totally. Seems much better security wise than the usual routes to me! Though admittedly I’ve never tried them or even looked into them before, haha…. You guys?
“More than twice as many Millennials (57%) than Baby Boomers (27%) said that they have used peer-to-peer banking apps like Square Cash or Venmo.”
I hear Venmo is all the rage, but I still stick to my old school Paypal account… And they’re basically the same company anyways, just targeted differently.
“Millennials (49%) were twice as likely as Baby Boomers (20%) to pay someone back using a peer-to-peer banking app than a physical currency like cash or check.”
Haha yup… Paying people back in checks is super annoying, but not even for the hassle of writing them out, but for the *waiting* of them to actually be cashed! It’s the worst waiting and waiting and then eventually forgetting until the day it randomly shows up on your account and you pray you have enough funds to cover it! Though I don’t mind an ounce receiving checks in the least, haha… I’ll take money however it comes! ;)
Anyways, not sure what the point of this is today, but I am curious to hear your thoughts if any of these guys ever DO one day get into the banking business and cause a stir…
Would you ever open an account with Amazon or Google or Facebook? If you had to choose one, which would you go for?
(I’d prob go with Google, just because I’m over Facebook and we already give plenty of our money to Amazon as it is, haha…)
None of them made Forbes’ list of “World’s Best Banks” we shared last week, but you never know – it could be a reality one day!! Technology is creeping into our lives more and more, and it’s good to know where your boundaries lie.
// Google pic by lalo Hernandez
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!