But to be useful and relevant, especially to the next generation of high net worth customers, banks will need to show they deliver new services that work for customers whose faith in banks is weak.

Most banking customers regardless of age have a functional relationship with financial institutions.

According to Deloitte, millennials represent more than a quarter of the population in Europe and the Americas and are set to build significant wealth through individual earnings and inheritance.

In fact, Apple has done such a great job marketing the promise of a world where you won’t need to carry cards that many of us have overlooked the many moments when Apple Pay doesn’t work or isn’t accepted.

Furthermore, a three year study of millennials in the US suggests banking is the sector heading for the greatest disruption as their perceptions of value and money shift toward the intangible.

The top four banks are amongst the least loved brands, 70% say in five years the way we pay for things will be totally different, and 33% believe they won't need a bank at all.

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