Millennials Ditch Big Banks and Go Local With Their Money
- Larger banks lose 16% of millennial clients, a survey finds
- The `ease of banking' generation is willing to switch
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Millennials are increasingly shunning big banks and going local with their money.
Community banks won with younger customers last year, netting a 5 percent increase in account holders ages 18 to 34, while credit unions recorded a 3 percent gain, according to data compiled by Accenture Plc. By comparison, large national and regional banks struggled to retain millennial clients -- losing 16 percent of them over the same period.