Pamela Talley, a Millennial and a marketing manager at the financial web site CompareCards.com, sees a big change in how Americans manage their personal finances -- and banks may not be part of that equation.
"As a Millennial who works for a credit card comparison website, I'm interested in the future of payments, especially with the rise of mobile wallets," she says. "There's no doubt that smartphone users will be inclined to try a mobile wallet experience in 2016. With selling points like security, speed and convenience, it's only a matter of time before we see widespread adoption of the mobile wallet."
Talley says these programs will be bolstered by the EMV-fueled point-of-sale upgrades taking place all over the country that will better enable purchases with smartphones. "With most smartphone users either in the Apple or Google camp, these two companies are poised to capture the bulk of all mobile wallet adopters," she adds.
Talley is on to something.
According to Fintonic, the number one mobile banking app in Spain and Latin America, 10% of Americans ages 18 to 54 believes Google will become a bank most people use in the future. That, in itself, isn't a huge number, but revolutions have to start somewhere.
And make no mistake, this revolution is gaining steam.
Fintonic also notes 14% Millennials (ages 18-34) believe tech giants like Google or Apple will replace traditional banks and become financial institutions themselves. Another 14% of consumers 54 years-of-age and under believe Google and Apple could do a better job at banking transactions and customer service than traditional banks. And, more than 40% consumers of all ages, the company reports, agreed that mobile payments will become more common than card or cash transactions within the next ten years.
Nick Loui, a 20-something Los Angeles-based technology and entrepreneur, definitely falls into the future-forward category. "Financial tech is one of the most exciting sectors for me, and I've used everything from Mint to Personal Capital, Acorns, Wealthfront, and many more," Loui says. "I've even moved all of my investments from traditional brokerages to Personal Capital and Betterment because of the ease of use and the mobile solutions available for banking."
"I think it's absolutely a field that Google could explore, but I don't see Apple owning the market," he adds.