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Big Banks Seduce Unbanked Millennials

In a recent survey on FindABetterBank, 25% of active checking account shoppers indicated they don’t currently have checking accounts. That’s a sizeable share of new reachable customers (which makes sense given the relatively low attrition in the market today compared to a few years ago). More than half of these “unbanked” shoppers are under 30 years old, and half reported household incomes under $25,000 per year. These shoppers, with little or no banking experience, have fewer product feature requirements than switchers.

Read the full article at The Financial Brand…

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