The flood of challengers in banking services pitches to a target market rich on cynicism and "disinterested in banks," according to a report from Claro Partners and Anthemis Group."One third of millenials are disinterested in banks, and believe they won't need a bank at all within five years," the report attests."Two thirds describe their banking relationship as merely transactional."
Claro and Anthemis found that "from 2013 to 2014, global investment infintech ventures tripled to US$12.2 billion."By 2020, more than 30 per cent of banking revenues could be at risk, thanks to new competitors and new trends," the report says.The researchers compiled the report "in partnership with ING, BBVA, Garanti Bank, Standard Bank of South Africa, Bank of Ireland and Credit Suisse."