Scratch, a unit of Viacom, conducted a three-year study of 10,000 millennials. They conducted this study to find out which industry was most prime for disruption. It was found that banks made up four of millennials top 10 most hated brands. Millennials also viewed banks as irrelevant for their future lives. A third of millennials believe that they will be able to live a bank-free life in the future. They believe that the way they will access money and pay for things will be completey different in five years. This digital-savvy generation is looking to the tech sector to meet their banking needs. Over 50% of respondents said they think startups will overhaul how banks work adn 75% said they would be more excited by financial services being offered by online companies than from traditional banks. "As consumers, millennials have been slow to accumulate wealth. They have huge debt. They're facing unprecedented underemployment. They've been relatively unaddressed as a generation by banks. All of a sudden, you see purchasing power by millennials growing to over $1.3 trillion," Scratch executive vice president Ross Martin told Fast Company. Millennials are defined as those born between 1981 and 2000.
