When was the last time you went into a bank?

I haven't been in a bank branch for over a year. I deposit checks with my phone or through an ATM. I pull out cash when I buy something at Safeway or Wholefoods. And I pay my bills with online bill pay, except for 1 annoying manual check I write per month.

And I'm not a millennial...

In a recent article in Techcrunch, Danny Crichton (@DannyCrichton) discusses why traditional banks are in trouble.

"The difference today is that millennials are willing to shop elsewhere, because we are simply not going to accept that these are the only products on the market. We are willing to try new startups and their innovations, since they speak our consumer language while the traditional banks do not."

 Here are some specific reasons that millennials are rejecting traditional banks:

• Product mismatch - banks are focused on mortgages, investments, and auto loans, and millennials need help with student loans.
• Lack of community - banks are beholden to shareholders, rather than their customers.
• Trust - millennials don't trust big corporations.
• Technology - many banks do not have a frictionless mobile experience.
• New entrants - technology based marketplaces like Lendingclub and Prosper.

So banks take notice: it's time to innovate or be left behind. And it wouldn't be a bad idea to take a look at the #sharingeconomy. As Howard Schultz, CEO of Starbucks, said, "You can always reinvent a commodity."