Many observers have predicted that people between the ages 18 to 34 will gravitate away from brick and mortar banks because of technology. However, the American Banker published the results of a recent study done by Market Strategies International which suggest otherwise.
The results indicate that consumers ages 18 to 34 are likely to use mobile-payment services when they become available. However, they would rather have those services provided by an established financial-services company. A face-off between online companies like Facebook, Google Inc. or Apple Inc. and banks is by no means a foregone conclusion. The study shows banks have the advantage of already holding the trust of consumers.