Just came across this story in Business Insider about millennials (that's most of you) killing various industries. It was an interesting read and I was a bit surprised until I got to the middle of the article.

^ Bank of America by Rolling Stone Magazine.

Banks

Millennials are killing banks.

Millennials distrust financial establishments and rarely visit physical banks.

"There's a massive shift in consumer behavior and consumer trust," Rick Yang, a partner at the venture-capital firm New Enterprise Associates, told Business Insider. "I think coming out of [the financial crisis], millennials have a massive distrust of existing financial services."

While banks themselves will probably never die, bank branches and physical bank locations may soon be a thing of the past.

Nearly three-quarters of millennials with a bank account visit a branch once or less a month, according to BI Intelligence data. And slightly less than 40% of millennials do not visit physical banks at all.

Reasons

Access to Information

This is not because millennials are somehow crazy, but because they grew up in the Internet age and became capable of searching out information to think for themselves rather than automatically believe everything they were told.

They were raised by parents who taught them to ask why to everything. And since no parent can plausibly answer all the 'whys' that were asked of them, the kids turned to the Internet for answers. And we all know what they found on the Internet, particularly about the banking system, it's failures, it's origins and so forth.

Banking Experience

If you go into a bank branch you can expect to stand in line for a good ten minutes at the very least. After you're done standing in line you will be serviced by an individual with an IQ and demeanor of a bag of Doritos. You will have your money deposited into the wrong account, be told to call the customer support line for any credit card-related issues, and be asked to go sit in yet another line to talk to a mortgage specialist should whatever you need done is more of a challenge than what this particular bag teller can handle.

Online Access

Banks shouldn't cry too much over the fact that no one is going to their branches anymore. That was their own doing. When they bitch about it they are literally bitching about their own profit maximization.

A branch is an expensive thing to run. You've got to either buy land and build a building or rent a building. You have to outfit the building. You have to hire bags tellers. You have to provide them with water, electricity, air conditioning, heating and a bunch of other things. You have to give them pens, notepads, telephones. You have to pay their insurances and plans. You have to manage them. The list of things you have to do can go on for the entire post.

With online banking, you don't have to do any of those things. All you need is a mildly-competent IT team and some 99% uptime servers.

As a result of this wonderful advent, millennials, who are skilled at the use of websites that passed the Beta development stage, are fully equipped to do their banking from the comfort of everywhere else except for the bank.

Potential Collapse

Pretty much half the Internet is dedicated to prophesies of the imminent collapse of the central banks. Sure it's coming but likely not in the short-term. It's not happening tomorrow or next year or during the next lunar seven-year ancient prophesy agricultural cycle. It'll happen, sure, but not immediately and not until cryptocurrency and other, yet undiscovered, future alternatives gain mass acceptance.

Just because it's not happening tomorrow doesn't mean that people are not opting out to be cautious.

Massive Losses

My good buddy who is a millennial lost his house a few years ago. The property values went to shit and the mortgage he had became more than what the house was evaluated at. Nearly three times as much, actually. He walked away. This is the average experience of a millennial who is ambitious and invested in real estate or a business, only to be fucked over by banks.

Bailout Scandals

Remember Bank of America? No further comments needed. You're probably picturing a scene of extreme corruption and incompetence.

Conclusion

As typical, the banking system dug it's own grave and is now complaining about the hole it's in. Except they're running out of generations to bail them out.

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