Young adults in the ’Debit Age’ are skewing towards alternative and direct banking
Let’s start with a statistic that, for traditional banks, looks quite troubling; according to survey analysis conducted for Packaged Facts’ January 2014 Debit Cards in the U.S., 5th Edition , the percentage of 18-24 year olds having a “checking account at a bank, savings and loan, credit union, or brokerage firm” has plummeted by almost 30% during 2010-2013.
What’s happening here?
Clearly, traditional banks are losing checking account customers. And it’s not just customers larger banks may h...
February 6, 2014