By Minda Zetlin
Do you see big banks as dinosaurs that are failing to keep up with changing times and certain to become extinct? If you’re like most Americans, the answer is yes. In a survey of more than 2,000 Americans released today by early stage venture firm Blumberg Capital, 57 percent of respondents believed traditional banks as we know them today will cease to exist within our lifetimes.
If this prediction turns out to be right, most of us won’t be a bit sorry. A whopping 80 percent of respondents say big banks are too focused on serving the 1 percent and big businesses at the expense of small businesses and average consumers. More than 60 percent of respondents said banks are charging them too much interest on their debt, and 76 percent believe banks don’t properly serve those with low credit scores or bad employment histories.