(via Business Insider)
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More millennials are moving toward digital banking, and as a result, they’re walking into their banks’ traditional brick-and-mortar branches less often than ever before.
This generation accounts for the greatest share of the U.S. population at 26% and the employed population at 34%, so it’s easy to see why their behaviors and preferences will have a profound effect on the future of the banking industry, particularly with regard to the way banks interact with their customers.
Third parties are expanding their role in providing services that consumers use to manage their money. And the more that role grows, the more it will disrupt the relationship between banks and their customers.
To paint a clearer picture of the future of the banking industry, John Heggestuen, managing research analyst at BI Intelligence, Business Insider’s premium research service, surveyed 1,500 banked millennials (ages 18-34) on their banking behaviors and preferences — from their preferred banking devices, to what banking actions they perform on those devices, to how often they perform them.
All of that rigorous research led to an essential… Continue reading
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(via Business Insider)
On Wednesday, the US Air Force awarded Elon Musk’s private company SpaceX an $82.7-million contract to launch a GPS satellite.
This is the first time a company other than United Launch Alliance (ULA) has been given a contract for a military space launch in a decade, loosening the tight grip they held on the market.
The contract covers production of a Falcon 9 rocket, spacecraft integration, launch operations and spaceflight certification.
Winning this contract might also give SpaceX a huge advantage in the US military spaceflight market, making it harder for ULA to compete with them for future national security launches.
Breaking a 10-year monopoly
ULA is a joint venture between Lockheed Martin and Boeing Co. It has enjoyed a monopoly on the market of ferrying national security satellites to space for the last decade.
In 2006 the alliance was awarded a contract in which the Air Force agreed to them $800 million per year from 2006 to 2019 to launch national security satellites to space. The Air Force had not certified SpaceX rockets to conduct national security launches at that time so the company wasn’t able to compete against ULA for these… Continue reading