New report shows stark differences in between generations; suggests banks and payments providers need to do more to meet shifting expectations
From cards to receivables and all manners of digital payment services, younger generations have been critical in driving innovation and in turn creating new revenue streams for payment providers. In a new Impact Report, SMB Payments and Millennials: Millennials Expect More, research and advisory firm Aite-Novarica Group provides an overview of how millennial-run small and midsize businesses (SMBs) use payments within their organizations, what they expect from their providers, and where they see value in the latest generation of payment technologies.
“As Millennials continue to mature across businesses of all sizes, the trends seen now will become ubiquitous for the broader payments sector,” said Gilles Ubaghs, Strategic Advisor at Aite-Novarica Group. “Millennial-run SMBs are more willing to work with a variety of partners but are also more willing to pay more for a high-quality relationship. This presents opportunities for payment providers to both extend their relationships and generate new revenue streams.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.