Chris Skinner's blog

Shaping the future of finance

The time is ripe for disruption in banking

Chris Skinner Author Avatar
Millennial Disruption Index

Building on yesterday’s debate about Google and co coming into banking, and the previous discussions of such:

... and there’s been loads more, I was shocked to stumble across a survey this week that shows the attitude of Millennials (people born from the 1980s to 2000 that grew up with the internet).

The survey is called the Millennial Disruption Index (MDI), and represents a three year effort by Scratch, a creative agency.  Scratch interviewed over 10,000 Millennials in America, and asked for their views about 73 businesses in 15 industries.  The results are astounding, finding the most likely industry seen for disruption is banking.

America’s big four banks all rank in the top ten of least loved brands:

  • 71% of Millennials would rather go to the dentist than listen to what a bank has to say;
  • 73% of 10,000 Millennials would be more excited about a new financial offer from a tech company than from their bank;
  • Half of all Millennials expect Google, Amazon & Square to overhaul banking; and
  • 33% think they won’t need a bank at all.

This should seriously worry banks when they see the infographic (doubleclick image to enlarge):

Millennial Disruption Index

But even more worrying is when it’s backed up by Accenture saying that non-banks will take a third of incumbent banks revenues by 2020.

Their report on Banking 2020  shows: “a number of emerging trends—including digital technology and rapid-fire changes in customer preferences—are threatening to weigh down those full-service banks that limit themselves to products and services that get distributed primarily through physical channels, particularly branches. Given the scale of these disruptions, our analysis shows that full-service banks, as a group, could lose about 35 percent of their market share by 2020.  Who gains this market share? Digitally oriented disruptors that are far more agile and innovative – the equivalent of speedboats competing against schooners.”

Too right.


Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money: Our Future Is Where We Do Not Think About Money, As Our Money Thinks For Us

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Order now

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Top 50 Global Thought Leaders and Influencers on FinTech 2023

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award


Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser