The June 2024 report highlights millennial SMBs as a growing market opportunity, with 80.5 million millennials in the U.S. driving a boom in new business formation, up 58% since 2020. Big four banks hold 59% of millennial and Gen Z SMB relationships, pressuring regional players. Millennials pay more for banking, with 95% paying fees compared to 82% of older cohorts. They show high openness to switching providers (73%) and working with fintechs (70%), yet still value primary FI relationships and personal banker connections, making them both competitive targets and relationship-driven clients.

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