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Scott Rasmussen's Number of the Day for June 2, 2017
The Number of the Day columns published on Ballotpedia reflect the views of the author.
June 2, 2017: An article in Inc. magazine suggests that "the banking industry is ripe for disruption."[1] Not surprisingly, there is little customer loyalty to particular banks, a reality highlighted by the fact that 11 percent of all customers switched banks last year.[2] Millennials are more likely than any other segment of the population to switch banks.
Of those who switched, 19 percent joined online or virtual banks. At the same time, eight percent left such banks, suggesting that consumers aren't fully satisfied yet with the virtual offering. Still, the net increase of 11 points (19 percent who joined minus 8 percent who left) is a significant indicator of where things are heading.[2]
At the opposite end of the coming disruption, 38 percent of those changing banks left large regional banks. Only 23 percent joined them. That’s a net decrease of 15 points.[2]
In my new book, Politics Has Failed: America Will Not, I make it clear that this change is not coming from politicians or regulators, it is simply another case of the culture leading and the politicians lagging behind. New technology has shifted power away from politicians and bureaucrats and put it in the hands of everyday Americans.
The book also highlights another sign of disruption coming from the company that owns more branches than any other firm. A Citigroup report projects that a third of the nation’s 94,000 branches could disappear within a decade, taking with them 770,000 jobs. Other estimates of the carnage are even higher.[3] Since technology usually pushes transformation further and faster than industry leaders expect, traditional bank branches could soon be extinct in many communities.
- June 1, 2017 4 of the 5 fastest-growing cities are in Texas
- May 31, 2017 0: The number of years federal spending declines in President Trump's budget
- May 30, 2017 9 Pivot Counties in Ohio that voted twice for Barack Obama and then voted for Donald Trump
- May 29, 2017 1,196,793 military men and women who gave their life for our freedom
- May 26, 2017 36 hospitals across 10 states owned by Steward Health Care System
- To see other recent numbers, check out the archive.
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