Fifty-nine percent of Americans between the ages of 18 and 23 want to buy a house in the next five years, and more than half have already started saving for one, according to a survey by Bank of America.
Wells Fargo charges students nearly four times as much in fees as banks without college marketing agreements, according to an internal report by the Consumer Financial Protection Bureau.
The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials.
The bank has long had a program in place to train new employees, but now it’s testing a pilot to help retrain existing staff for different careers at the institution.
Trade associations and other industry groups are partnering with universities and colleges to create more degree programs and special courses that prepare young people to work for banks — especially small ones.
Financial institutions need to adapt their offerings to meet the preferences of these young consumers or they risk losing ground to fintechs and other nontraditional players.
These teens and early 20-somethings are hardworking, frugal, prudent, debt averse and fiercely opposed to fees — much like their great-grandparents who grew up during the Depression.
