The more than 80 million people born into the millennial generation have grown up with technology by their side.
It should come as no surprise, then, that this generation — now the largest share of the US workforce— is turning to technology to manage their money, a generational shift that poses problems for the traditional bank model.
Millennials largely reject the banking experience their parents and grandparents embraced. They've abandoned the relationship-based, retail branch experience in favor of online banking. They largely distrust traditional banks, opening the door for a rash of disruptive fintech startups. Nearly 75% say they'd be more excited by a financial offering from Google, Apple, PayPal, or Square over their nationwide bank, according to a survey by Scratch, a subsidiary of Viacom.
Capital One's latest venture, the Capital One CafÃ©, is a new effort to market to millennials that appears aimed at bridging this disconnect — a move to win over their hard-won loyalty and lay a new foundation for relationship-based banking.
The company is opening a string of cafÃ©s in some of the nation's largest cities that function as co-working spaces open to the public. Anyone, regardless of bank affiliation, can grab a cup of coffee, sit on a couch, and, if they want, get coached through their money problems by professionals — for free.
Business Insider recently visited a cafÃ© in Glendale, California, and spoke with Capital One Senior Vice President Lia Dean, who leads the cafÃ© expansion team, about the bank's strategy for appealing to millennials.
Check out the tour below: