As IBT reports, Silicon Valley's Marc Andreessen famously stated that software was eating the world, but who would have predicted it could consume the mighty corporatocracy of banks and financial services providers?
The metrics portend ominously for banks: some 30% of millennials (people under age of 35 who have grown up with technology) do not expect to have a bank account in five years. That is according to research from Goldman Sachs.
Add to that the billions of people who currently do not have access to a bank account but are connected via mobile phones to the internet – apparently we are poised to replace the banking system as we know it.
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The metrics portend ominously for banks: some 30% of millennials (people under age of 35 who have grown up with technology) do not expect to have a bank account in five years. That is according to research from Goldman Sachs.
Add to that the billions of people who currently do not have access to a bank account but are connected via mobile phones to the internet – apparently we are poised to replace the banking system as we know it.
...
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