The title of Javelin Strategy & Research's blog entry today nearly says it all: "Occupy Oakland deposits $20,000 with … Wells Fargo."
James Van Dyke writes that this ironic development, first reported in the San Francisco Chronicle, squares with his firm’s research, which found that "far more millenials and Gen Y’s" – the demographic commonly associated with the protests – "keep their money at big banks." The main reason, Van Dyke suggests, is that the megabanks have superior offerings in areas that matter to this group, like online banking.
Maybe Wells' John Stumpf had these disaffected but discriminating youths in mind when said recently he was taking the long-term view on account relationships. As mortgage banker Richard Booth recently wrote on BankThink, "The protesters are your future customers."
Editor’s Note: This is the first in a daily series on BankThink that will highlight the most interesting, provocative, mind-blowing, infuriating or rib-tickling posts we find on other banking and financial services blogs. Email suggestions to Katherine.Kane@sourcemedia.com.