GTE Emerging Payments White Paper_0001

GTE FINANCIAL

Emerging Payment Systems: HowMillennials are Driving the Future ofBankingBy facob Bennett, Member Payment Systems

Emerging Payment Systems: How Millennials are Driving the Future of Banking

I ntrod u ctionAs we prepare to enter into the latter half of a decade marked by substantial advancement in online and

mobile banking, many factors must be considered as the market moves away from physical banking and

more towards the virtual realm. Point-of-sale innovation is also a topic of importance, as EMV chip

cards, contactless payments and mobile wallets become more and more prevalent in today's

marketplace. Many factors act as the driving forces behind these emerging payment developments,

including a desire for speedy transactions, convenience, personalization, ease of use and most

importantly enhanced information security. Seventy-one percent of American adults now have a

smartphone, and over eighty-five percent of Millennials have made the switchl. With an expanding

Millennial population anticipated to constitute the majority of the global population by 2O3O2, financial

institutions and service providers must act now in implementing a monumental shift towards new

emerging banking practices in order to stay prominent in the payments industry.

The title of this paper, "Emerging Payment Systems: How Millennials are Driving the Future of Banking ",

proposes that there is no longer a common method to banking. The Millennial Generation, made up of

individuals born between 1982 and2OO4,are assuming more wealth than formergenerations, and

resultantly more power. This is allowing the influence of young people to be heard, introducing

unconventional methods that are disabling common banking notions. Professionals in all industries are

looking to the habits of these Millennials in order to predict the future of cultural changes and consumer

behavior, as well as the economy. At such a critical stage in the evolution of transaction protocols,

financial institutions moving forward must not merely cater to their members, but instead challenge the

traditional methods and push towards innovation. This paper will set the stage with a description of

where payments are at currently, and then touch on where technology is taking payment systems in the

short term. Lastly, these ideas will collectively be considered along with proven data in order to help

speculate about the banking environment in five to ten years. Specifically, this paper will focus on:

1. Current payment trends

o ACH and card payment technology

o Do-it-yourselfbanking

o Mobile integration and adoption

2. Where payments are going in the short term

o Further mobile and online banking innovations

r Strengthened payment security

3. What payment methods could feasibly look like in five to ten years

r Further innovations and widespread acceptance of digital banking

r Completely redefined branch experience

o A shift to community institutions?


Current Payment Trends

Payments technology seems to be constantly adjusting and offering new methods to make everyone's

life easier, but oftentimes it is in fact a challenge to collectively adapt to all the developments takingplace in the banking and transactions industry. From a consumer standpoint, it is often a struggle

breaking free of the check-writing and the branch visits in order to transition into existing electronic

banking technologies that have begun to receive wide adoption. For the Baby Boomers and Gen-Xers

that have grown up with teller lines and little to no technological integration in their banking, it makes

sense how they might be hesitant to adapt to the changing methods of banking. Current payment

trends, however, are indicating a push towards faster, safer and more efficient technologically-driven

banking practices. This is evident through the widespread favorable reception that has been displayed

through mobile integration and advanced developments in electronic and card network transactions.

From a banking standpoint, the challenge stands in understanding which emerging payment methods

are currently preferred and which will most likely be adopted in the future, and then implementing a

strategy accordingly. All in all, there are old and new developing technologies that need to be discussed

in order to understand the current payments environment and these will set the stage for where

payments are going in the short term.

ACH and Card Payment Technology

The first component of current payment methods to consider is the distinction between ACH and card

transactions. Both technologies were developed over forty years ago and have remained a mainstay in

the payments industry without much advancement, at least until recently. Each has its benefits and

setbacks, and it should be determined by the transaction type as to which method to employ. With an

ever-increasing Millennial population influencing the current digital mindset, it is becoming more and

more evident that constant innovation is a must in order to remain pertinent and protected in today's

fast-paced culture. New initiatives have taken place to set the stage for effective progress with these

payment systems, and some of the current trends will be discussed in this section.

ACH, which stands for Automated Clearing House, was originally developed in order to effectively

replace checks and move money faster and more efficiently3. Twelve-thousand financial institutionsacross the U.S. employ ACH, which constitutes for more than twenty billion electronic transactions each

year, accounting for upwards of forty trillion dollarsa. An ACH transaction is a direct money transferfrom one bank account to another, and it can help reduce errors and improve cash flow in comparison

with paper checks. This is especially true for direct deposits from employers, automatic bill pay, and

transferring funds between banks, which are the most common uses of the network. Due to costs, this

method is best utilized for high-volume recurring transactions such as the ones just listed. Setting up an

ACH transfer for a single consumer transaction is simply not cost-effective and would be more easily and

affordably completed with a check or card transaction. Oftentimes, consumers are not even aware oftheir use of ACH; if an electronic transaction is occurring that involves your checking or savings account

number and routing number instead of your debit or credit card number, you are submitting an ACH

transfer with your service provider. This is mostly prevalent with automatic bill pays like rent or utility


payments. Recently it was announced that two new same-day settlement windows will be added to the

ACH network, which will increase the movement of funds between participating financial institutions

from once a day to three times a days. This new process will build upon the existing next-day option and

allow for quicker settlements via ACH. Though not technically a current payment trend, this quickly

approaching implementation willtake place in three phases beginning September 23'd,2OL66. Many are

considering this the future of electronic payments, and financial institutions should take note as we

approach what aims to be an industry-wide transactions standard. Same-day ACH was also promoted in

the Fed's January 2015 publication, "strategies for lmproving the U.S. Payment System", calling for a

ubiquitous service to better serve ACH stakeholders'. ln the meantime, Bank of America has announced

plans to not offer the Fed's same-day service, claiming that "Our clients have not expressed an interest

in the service based on the way the product is currently structured."s Companies like MasterCard have

released alternative payment platforms that support immediate bank transfers at little to no coste,

which is a perk that could challenge same-day ACH in its hope for a ubiquitous network.

ACH rails and card rails are different in that ACH creates a direct transfer from one bank account to

another, while card transactions are processed through networks set up by companies like MasterCard

and Visa. Critics of card companies accuse them of forcing merchants into a powerless position by

utilizing a system that appeals to consumers and banks alike to use their productslo. Due to this,

merchants are forced to pay the merchant discount fee with each card use, which covers the

interchange rate along with additional clearing and settling fees. Despite this, cards have indeed

become a primary method of payment for consumers around the world. Online merchants have been

offering card payment options for years, and recently cards have started to become integrated into

mobile devices through the development of mobile wallets like Apple Pay. Technologies like data

encryption, tokenization and advance online authorization have enhanced online payments security,

which has given consumers more of a reason to migrate to mobile banking. As for point-of-sale terminal

security, the debit and credit card industry in the U.S. is in the midst of experiencing a big change. The

magnetic stripe card that nearly all consumers are familiar with is a technology that has been in use

since the 1960s. These cards are encoded with the same basic information, and merchant terminals

simply capture this information and pass it on to be authorized and authenticated. Outdated

technology has led to many instances of fraudulent activity, and the U.S. is finally in motion to transition

to a more advanced secure payment card, the smart chip EMV card. This technology has been deployed

in every major economic region in the world, with the U.S. joining this statistic only recently and last in

line11. The transition to EMV requires major hardware and software upgrades on the merchant side, as

well as on the financial institution and card provider side. Select large merchants in the U.S. including

Home Depot have activated their point-of-sale terminals and are already EMV-ready, while many

merchants have upgraded hardware but will be waiting for the October 1't liability shift that card

providers are instituting. This shift refers to any counterfeit fraud liability that is currently resting on

financial institutions to shift to the merchants, assuming both parties are EMV-compliant. lf either party

is not EMV-compliant by October 1't and thereafter, liability falls to them. This provides an incentive forboth financial institutions and merchants to make the switch to EMV. EMV technology is designed to

enable implementation of stronger security over time, with the possibility of more frequent terminal

application and configuration updatesl2. lnvesting in centralized terminal management software


enables terminals to be updated remotely and can ensure that innovation in card technologycontinuesl3.

Do-it-You rself Ba n king

For the majority of the banking population, with the exception of tech-sawy Millennials and other moreprogressive individuals, the concept of banking is very much tied to a physical branch. Complete withoutdated teller lines and vintage seating arrangements, the classic bank branch is on its way out, to be

replaced by a much simpler and more personalized archetype. As technology progresses into the future,the ever-increasing demand for immediacy has led to many adjustments in some of our most redundanttasks. lncluded in this is the way we bank and submit payments. Consumers today want the option ofconvenient do-it-yourself banking that makes financial transactions simple and efficient, and innovationin technology has made that possible. No longer are bank services measured in comparison to otherfinancial institutions; now, technologically-driven companies like Amazon, Netflix and Twitter are settingthe standard for how transactions are processed. According to a study done by McKinsey & Company,

65 percent of all consumers feel good about themselves and the company they are doing business withwhen they are able to resolve an issue themselvesla. Through new forms of self-service, customers have

been empowered to do so. Most notable in the do-it-yourself movement is the development of onlineand mobile banking and payment options, self-checkout merchant terminals, automatic teller machines(ATMs), and more recently, interactive teller machines (lTMs).

ATMs were the pioneer of do-it-yourself banking, having been motivated by the flexibility of out-of-hourcash distribution. The first ATM was introduced in London in 79671s, and since then has become very

widely accepted and technologically advanced. Modern ATMs are connected to interbank networks thatallow consumers to access their accounts and perform such tasks as cash withdrawals, check/cash

deposits, and money transfers within linked accounts. This provides consumers with an increasedperception of privacy, allowing those sensitive to disclosing financial information or submitting late fees

to not have to personally interact with a teller. ln additional to ATMs, lTMs have now been slowly rolledout to many local, regional and national financial institutions. These machines are video-based and

allow consumers to connect with remote agents in order to fulfill a variety of functions includingstandard ATM tasks. These next generation ATMs allow for greater efficiency in staffing for banks and

credit unions, while simultaneously maintaining a personal interaction and pressing on towards a virtualbanking shift. NCR, a leading ATM manufacturer, initially launched its interactive teller machines withBank of America in 201316. Since then, many other banks and credit unions have begun deploying theinnovative technology to their branch locations, some in addition to and some in place of the standardteller line. The migration to this virtual form of transaction has been slow, and many consumers,

especially non-Millennials, are reluctant to trust a machine. However, with experience comes a higherunderstanding and realization of much quicker service. Brian Bailey, vice president of NCR stated"We're finding that consumers' trust of this technology is really off the charts.17" Also, in regards tosafety, "They're more convenient, faster and safer - robberies basically go away with this - and theyallow us to provide better service," said Willard Ross, chief retail officer at Coastal Federal Credit Unionin Raleigh, NC18. Some financialinstitutions have even placed lTMs in public places otherthan branch


locations in order to offer greater convenience. With the widespread virtual shift occurring in thepayments sphere, this technology is essential to an even broader virtual adoption.

lnteractive point-of-sale transactions and self-checkout alternatives with many merchants today offerdo-it-yourself resources that have completely altered the way consumers view transactions. Similar tothe development of ATMs and lTMs in banking, merchants are placing a greater focus on enabling the

consumer and reducing the role of in-store attendants. Self-service kiosks present in places like Wal-

Mart and Panera allow for customers to independently place orders, print photos, fill prescriptions and

much more. lnnovative point-of-sale terminals are driving a lot of newer payment technologies

including mobile wallets. These are integrated into merchant terminals through RFID or NFC technology,

which are technologies that have existed for a long time but have received minimal acceptance in the

payments industry. With the development and wide adoption of mobile payment applications, these

technologies are finally establishing a presence, but they are still limited to less than a quarter of totalretailersle. As this grows, this will further enable customers to be in control of their payments. Certain

user-friendly point-of-sale systems that incorporate an iPad or similar device are redefining the in-store

customer payment process through sleek designs and a quicker, more efficient checkout process. This is

especially true for a lot of smaller businesses like coffee shops and boutiques, but with stores like Apple

revolutionizing the retail experience, this type of process is quickly catching on. Utilizing bank mobile

wallets or merchant payment apps allows for a more deliberate customer-focused aim by the respective

institution, and ultimately a more impressive experience end-to-end. Aside from these mobile in-store

developments, merchant terminals must also continue to keep pace with card developments through

their hardware and software updates, as discussed on the previous page in regards to EMV technology

integration.

Probably the most personalized and widely accepted do-it-yourself banking technology currently offered

enables you to never have to leave the comfort of your home or workplace: computer and smartphone

integration. Whether you are transferring funds, depositing a check, performing a bill pay, investing in a

money market account, or simply monitoring your monthly spending, online banking functions allowyou to safely and securely manage your money with almost as many options as you would receive at a

physical bank branch. Effortless payment options like Uber and Amazon One-Click that securely

integrates and automatically submits payment information are another online option that allows

consumers to stay efficient and feel competent when it comes to their transactions. With the continued

development of the smartphone and consequent mobile banking integration, different merchants and

technology companies are now offering apps that provide these simple payment alternatives in

competition with banks and credit unions. As this fight to be the preferred provider of payment services

continues to grow, financial institutions must strive to not disregard these advancing payment

applications, but instead offer consumers the innovative products and services they require in this day

and age.

Mobile lntegration and Adoption

ln the U.S, it is estimated that over sixty-five percent of all U.S. consumers now own a smartphone,

nearly doubling where the country was at only four years ago'o. Through the use of unique mobile apps


and a user-friendly interface, smartphone developers have enabled all types of businesses to offer

resources compatible with their device through the development of digital app stores. With words like

'convenience', 'efficiency', 'security'and 'customization' having been birthed out of the information age

and becoming essential features in seemingly all that we do, banking and payments have naturally been

added to the ranks of mobile integration alongside various channels of communication, gaming

applications, productivity resources and news outlets. According to a study conducted by Chase and

Braun Research, mobile banking apps have become so accepted and convenient that they are used

commonly at work (fifty-four percent of respondents), while commuting (twenty-eight percent ofrespondents) and even on dates (seventeen percent of respondents) 21. But considering on average

eighty percent of mobile apps are downloaded, used only once and then eventually deleted2z, banks

need to focus on desired and unique benefits in order to keep their apps relevant. According to a 2015

survey conducted by North American Digital Banking, thirty-eight percent of respondents said good

online banking services were the top reason for staying with a bank23. With so many integrated

payment and budgeting app alternatives now gaining popularity, even banks on the forefront oftechnology must remain diligent in offering an all-inclusive app. lt is not surprising that a number ofother phone-based payment options have also emerged, including merchant payment and rewards apps

and mobile wallet options. Most notable amongst these alternatives are peer-to-peer, or P2P, payment

apps. These apps, including PayPal, Venmo and Popmoney, allow users to pay and request money to

and from friends. Users often find these apps convenient when splitting bills, paying rent, or lending

money. Many of these services integrate both card and ACH networks in order to access and move

funds to and from other intended users. Banks have begun integrating some of these apps into their

own banking experience, and some have even developed their own P2P options. The most prominent

interbank P2P network is ClearXchange, which is equally owned by Bank of America, Capital One, Chase,

U.S. Bank, and Wells Fargoza. This service is already accessible to one-hundred million online banking

consumers, and anyone with a U.S. bank account can access the company's seruices through its

website2s. ln some developing countries, a form of money transfer service known as M-Pesa has begun

to allow for text message-based cash deposits, withdrawals, transfers and even payments. These

transactions are secured by a PIN and help reduce crime in a largely cash-based society. Since its launch

in 2007 , the service has grown to over seventeen million accounts, making it the most successful mobile

phone based financial service in the developing world26. Another market leader in mobile payments and

branchless financial services, Paga, is operated in Nigeria and boasts over three million users that grasp

the organization's vision of a cashless society and overall safer banking environment2T.

As technology continues to progress, in-store mobile payment options are becoming a highly desired

consumer option amongst both banking and merchant apps. This mobile service, which provides

consumers the ability to access electronic funds to make in-store purchases through wireless

technology, is commonly known as a mobile wallet. ln the U.S., P2P apps like PayPalare now being

accepted online and in stores, placing it in the category of a mobile wallet. Starbucks recently

announced that sixteen percent of their total sales volume is now completed through the use of their

own closed-loop mobile wallet28. This need for payment options is becoming increasingly evident

through the development of third-party mobile wallets like Apple Pay and Android Pay. These apps

enable you to sync your debit and credit cards into one convenient location where payments can be


made via NFC technology. Apple Pay can be synced to multiple bank and merchant accounts, creating a

convenient all-in-one option. Android Pay is a similar app developed by Google and expected to grow

quickly in competition with Apple Pay. Android Pay is accepted at approximately seven-hundred

thousand stores across the U.S. in comparison to two-hundred thousand currently forApple Pay2s.

Both, despite recent security concerns, are also driving enhancements in digital security through built-in

tokenization, arguably making these mobile transactions safer than using your card. ln addition to this

security feature, other measures now exist in many newer mobile devices including fingerprint scans.

Apple announced in June that their mobile wallet would start carrying loyalty rewards and discounts

through the option of retail store card support3o, which will enhance Apple Pay's reach at a variety of

established retailers and create competition in the mobile payments industry. Mobile wallets are

gaining significant attention in the emerging payments industry, but a new study by Gallup claims the

majority of consumers are fairly indifferent about using mobile wallet options at this time31. Another

2015 study revealed that U.S. consumers who haven't made an in-store mobile payment but plan to in

the next six months prefer PayPal substantially over Apple Pay and Android Pay32. As these providers

move forward, they will need to make investments in more than just technology and advertising; the

study shows that loyal customers require improved engagement by their service providers in order to

continue business into the future.

Financial institutions and payment providers are starting to recognize an opportunity to engage their

customers through social media integration. What's more, the social media services themselves are

beginning to offer easy payment solutions to their users. While banks and credit unions are beginning

to establish a presence on Facebook and Twitter, and even at times allowing you to sign in to your

online bank account using your social media credentials, users need to be assured of the safety in order

to fully integrate the two. Despite many users' reserves, Facebook has developed "Facebook Pay",

allowing users to process P2P transactions through their Facebook Messenger app33; and Dwolla, a

digital cash-based payment network, offers the option to tweet money using the hashtag '#dwolla3a.

These types of developments are challenging and inspiring the future of integrated payment options.

The New York Times asserts that Facebook's already huge size and reach will cause a disruption in the

emerging instant P2P payments market3s, challenging existing players and causing greater acceptance

for the industry as a whole. This market disruption is supported by Michael Kennedy, CEO ofClearXchange, who considers the P2P industry to be potentially worth nine-hundred billion dollars36.

When it comes to the safety of Facebook's service, a representative stated, "We use layers of software

and hardware protection that meet the highest industry standards. These payment systems are kept in

a secured environment that is separate from other parts of the Facebook network and that receive

additionalmonitoringandcontrol. Ateamofanti-fraudspecialistsmonitorforsuspiciouspurchaseactivity to help keep accounts safe.37" Considering the already established and influential Facebook

brand, backed by major investments in security, this integration should be thought of not only as a

present payment option, but also as an innovation that could drive further social integration into the

future of digital banking.


Where Payments are going in the Short Term

According to a study conducted by the Credit Union National Association (CUNA), it was determined thatby 20t7, Millennials will have more spending power than any other age group". Millennials have grown

up with the development of the internet and the smartphone, and we have come to expect technology

to advance with our ever-increasing need for real-time options. This generationally-driven digital shift

has mostly impacted such areas as entertainment and communication thus far, but as Millennials begin

to increase in size and gather more wealth, the potential changes that could occur in the financial sector

is unlimited. ln order for online and mobile payment technology to truly gain traction, consumers must

move past the current transitional stage of moderate adoption marked by perceptions of convenience,

and instead experience a near full conversion with large majorities of all generations displaying

acceptance on a scale similar to that of credit and debit card technology. Though this sort of acceptance

rate seems unreachable to many, ultimately it may not come down to preference, but instead necessity

in order to remain effective. Once this adoption does take place, many wary customers will eventually

experience the benefits of digital banking and circle back around to establishing it as their payment

preference.

Further Mobile and Online Banking lnnovations

As discussed in the previous section, online and mobile banking has experienced exceptional

advancements in recent history, offering some amazing functionality to consumers around the world. In

the not-too-distant future, virtual banking technology as we know it will be immersed into the way we

all transact, and mobile wallets will be increasingly more preferred to cash and cards. Apple Pay and

Android Pay are both in the process of developing their technology and expanding to new markets.

Apple Pay is in the process of entering the U.K. market place, with two-hundred and fifty thousand

already accepting their payment service3e. This includes London's transit fares, making U.K. the first

transit system to support a mobile payment. ln the U.S., Apple is teaming up with Square to broaden

acceptance of Apple Pay's tap-to-pay solutionao. Two-hundred and fifty thousand enabled readers will

be given away for free to merchants this fall as a strategy to push broader adoption to the mobile wallet.

Apple also has plans to launch a revamped rewards program with big-name merchants including Kohl's,

JC Penney, Walgreens, and Dunkin Donuts, enhancing its reach as at a variety of established retailersal.

Amidst Apple's push to gain traction, Samsung has introduced its own mobile wallet with the potential

to be the biggest player in the market. LoopPay, the technology integrated into Samsung Pay, will

enable to system to work at ninety percent of retailers that accept cards. This will be accomplished by

sending out standard magnetic signals, making it immediately much larger and more widely accepted

once incorporated into phoneso'. One setback with Samsung's payment application is that it will only be

available through Samsung smartphones, which could introduce problems with its development as

Samsung phone sales continue to shrinko'. ln any case, the technology driving Samsung's broad

compatibility is sure to spark growth in merchants and customers alike in their adoption of mobile

wallets.


As technology improves and consumers adapt to newer ways of banking, financial institutions must

continuously work to keep in mind the needs and expectations of their largest and most influential

demographic. Seventy-four percent of Millennials state "Mobile banking is very important to me"e, yet

future ideas are being inspired from experiences outside the financial services industry through

innovative companies like Amazon. This reveals the push towards easy and customizable options thatallow for effortless payments. But along with this ease of use comes effortless spending, and the

industry must plan for what this could mean. When payments can be completed in one or two clicks,

the long-term impact, especially amongst Millennials, leads to poor spending habits and a

misunderstanding of how to budget. ln order to counter this possible hazard, bank apps need to start

offering better assistance in goal-setting and expense-tracking through enhanced mobile and web

offerings. This willentail major investments in technologicaltools, but it willenable a younger

generation to take control of their finances. Some apps are offering the option of innovative alerts and

spending limits as tools to keep track of these small, seemingly inconsequential purchases. This free

resource initially assists customers and develops trust, and it ultimately helps establish a long-term

relationship with responsible and educated Millennials. According to a report published by U.S. News,

sixty-eight percent of Millennials want real-time analysis of their spending from their bank, with sixty-

seven percent agreeing that these services would increase their loyalty to the bankas. This reveals the

desire that young people have to understand their personal finances, and many financial institutions are

responding by offering resources in financial literacy.

Strengthened Payme nt Secu rity

Though mobile wallets, real-time payment options and functional analysis tools are some of the leading

features that mobile banking is beginning to offer, more than half of U.S. consumers cite security as

their number one concern when it comes to choosing a bank or credit uniona6. Nearly two-thirds ofconsumers fear that payment information which is stored on their phone would be compromised or thatthey would lose their phone and subsequently all their payment informationo'. Financial institutions are

aware of this and are actively working on the behalf of their own reputation and their members' security

to strengthen payment channels. Beyond already-implemented fingerprint technology in some newer

smartphone models, the majority of U.S. consumers want their mobile devices to immediately recognize

them via biometrics, according to a study done by Australian-based Telstraos. More advanced

biometrics such as facial scans, voice recognition and ultrasonic fingerprint sensors are already in theprocess of being developed and implemented. For example, MasterCard will be enrolling five-hundred

people in a beta app, and users will be recognized via a cutting-edge fingerprint scan and facial

recognition systemae. The fingerprint scan will automatically authenticate users by a simple screen

touch, and the innovative facial recognition system incorporates an additional step where users are

required to blink in order to hinder any potential crooks from holding up a picture of the user. Ajay

Bhalla, president of enterprise safety and security at Mastercard, said that "The new generation, which

is into selfies, [will] erylbrace it."so Another techqology in the works is a 3D imaging technique similar to

that of an ultrasound, which will produce a visual of the ridges and valleys of users' fingerprint surface

and the tissue beneathsl. Voice recognition is yet another very advanced security measure on the

horizon. Brett Beranek of Nuance Communications states that this technology securely defines


customers through behavior characteristics such as accents or rhythms of speechs2. Not only does itimprove recognition, but it is also capable of adding fraudsters' voice to a database. As these

developments are refined and implemented, consumers will experience greater trust for their mobile

devices, propelling the industry towards the inevitable virtual shift that the payments industry has been

signaling at for years.

What Payment Methods Could Feasibly Look

Like in Five to Ten Years

Five to ten years from now may seem like a long ways away for some, while for others it is practically

equivalent to the blink of an eye. Financial institutions in today's environment would certainly be split

as to which group they best fit in. On one hand it appears to be far off, considering the amount of

strategic adjustments likely to occur in the next ten years due to further advancements in procedures

and technology, along with a fairly drastic shift in the age makeup of America's workforce. On the other

hand, with rapidly advancing technology already being implemented into our banking, along with a large

Millennial workforce already quickly gaining influence, some would say the future is upon us. lt is

estimated that by 2020 Millennials will comprise more than one-third of all adult Americans, and by

2025 they will make up seventy-five percent of the U.S. workforces3. Seeing as Millennials are

increasingly becoming tied to their smartphones or tablets, many changes will surely occur in the near

future. Consider how far the industry has come due to major events and key technological

advancements in the last decade alone: operations and security were reshaped in the wake of 9/17;theiPhone and other advanced mobile devices were introduced, revolutionizing the smartphone industry

and in-turn mobile banking; Facebook was introduced to the public and has grown to become one of the

most innovative companies in the world; the economy experienced a financial crisis and consequently

introduced new industry-wide regulations; EMV cards, an international secure payment method, have

now been implemented to some extent in every major economic region globally, innovating the global

security environment. As we consider the sheer amount of changes that one decade alone can hold, we

must look forward to the next ten years with an open mind and an innovative spirit as the financial

sector takes on a much different image than what we now know. Three points to examine are the

widespread acceptance of digital banking, a completely redefined branch experience, and a potential

shift towards a community-driven institution.

Widespread Acceptance of Digital Banking

The major advancements in mobile and online banking have already been discussed throughout this

paper, but these past industry improvements are virtually negligible when compared to what is on the

horizon. Even so, these existing technologies are by no means trivial or getting shuffled out of the


picture anytime soon. According to Compass Plus Executive Vice President Maria Nottingham, "No one

payment channel becomes mainstream immediately...To truly reach a state of mass adoption,

consumers need to be on board."sa Presently, a ubiquitous system of mobile payments and digital

banking is gaining ever-increasing popularity as merchants, financial institutions and consumers are

jumping on board with these technologies in able to remain relevant. This growing popularity is setting

the stage for the future of widespread acceptance and innovation in this progressive industry. Ten years

from now, most research points to a successful industry-wide adoption and huge growth in the mobile

payments marketss. This research allows us to look forward and prepare accordingly as innovation

continues to introduce newer features to our mobile devices. Such features for mobile banking might

include a Siri-like bank assistant, cutting-edge personalization, compelling gamification, advanced

security, and further integration of cultural and social affairs. Also, functionality will continue to

progress, making tasks currently requiring a physical presence at a branch to be made into a remote and

personal experience on your mobile or tablet device. These features, while also leaving room for further

innovation in the next decade, will revolutionize banking as we know it and effectively incorporate itinto our mobile devices. Also, considering seventy-three percent of Millennials are more excited about

offerings from Google, Amazon, Apple, PayPal or Square than traditional financial institutionss6, Apple

Pay and Android Pay in particular are on their way to becoming mainstays in the payments realm. With

a stronger focus on efficiency, information and community involvement, the future of home banking

may very well be more able to assist customers with almost every function of a physical bank.

As mentioned earlier in this paper, mobile banking apps are now being inspired by tech-sawy

companies like Amazon. A study done by Universum in2071, surveyed ten thousand Millennials and

determined their top three ideal employers to be Google, Apple, and Facebooks'. With Millennials

today establishing a more influential presence in the banking industry than ever before, their familiarity

and proficiency with technology will drive more change in the next decade than most can even

contemplate. No longer will there be such a thing as a stale and standard interface. A conversational

computer assistant, already displayed in Apple iPhones and the newly-developed Amazon Echo, will be

integrated into our personal banking experience. Along the same lines, interactive teller machine

technology will shift to our mobile phones, allowing for an additional personal touch and useful option

in mobile banking. Gamification is being experimented with at select innovative banks and credit

unions, and this would increase engaged members and make banking a fun and exciting experience,

taking notes from gamified services like interactive educational resources and employee wellness

platforms. Security will be advanced as well, with concepts like 3-D fingerprint scans and other

improved biometric layers becoming a standard offer for mobile customers. Personalization and

customization are two more huge features that will be further developed by online banking providers in

the coming years. Big data and analytics will be utilized in order to automatically display useful

information, similar to how Facebook and Amazon do it now. ln order to truly engage customers, these

aspects need to be on the forefront of the digital banking and payment shift in order to maintain a close

and personal r:elationship. These features, along with mobile wallets, are what many innovators and

developers are aiming at creating - a fully operational mobile branch. Many financial institutions,

including USAA, Ally Bank and Alliant Credit Union, are already considered fully operational internet

services, maintaining no physical locations and doing all their business through mobile apps, online

LL


banking and customer service phone representatives. With the mobile payments market expected toaccount for eight-hundred and thirty billion dollars by the end of 2020, it would be beneficial forfinancial institutions to get on board now to profit from the efficiency and cost savings coming theirways8.

Completely Redefined Branch Experience

The main strategy behind branch accessibility and placement throughout different communities comesdown to one thing: customer service. ln the emerging banking and payments environment, customerservice is progressively becoming more about a good online banking service than a conveniently locatedbranch. According to the 2015 North American Consumer Digital Banking Survey, thirty-eight percent ofrespondents said that good online banking services were the top reason for staying with a bank, whileonly twenty-eight percent of respondents claimed branch location as most importantse. People cominginto a branch are on a mission, and anything to reduce their time at the location or provide efficientalternative methods motivates a more satisfied and loyal membership. ln fact, thanks to the recentdevelopment of convenient online options, eighty-one percent of consumers said they would not switchbanks if their local branch closed, this number having gone up from forty-eight percent only two shortyears ago60. One financial institution grasping this reality and taking steps to move forward is Fifth ThirdBancorp, which is in the process of closing one-hundred branches and selling properties intended forfuture branches6l. Fifth Third CEo Kevin Kabat stated, "Consumer demographics and our customers'preferred channels of banking are undergoing significant changes. Technology continues to impact ourservice delivery and revenue generation tactics and strategies."62 Though brick-and-mortar locations willnot likely cease to exist in the near future, the branch model will certainly take on a new image as

technology continues to innovate how financial institutions best communicate with their customers.

The functionality of mobile and online banking is rapidly catching up with the capabilities of traditionalbanking, but members still appreciate the layer of comfort and accessibility provided by physical

branches. Considering this, branches are bound to take on a new form as the industry moves away fromtraditional means and more towards the digital realm. Over the next decade, many industry expertsforecast a significant simplification and scale-back with the presence of bank branches. As mentionedalready, banks like Fifth Third Bancorp are taking steps to reduce their physical presence and looktoward the digital future. With remaining locations, no longer will you see as many large branchesequipped to house multiple teller lines and a large number of employees. lnstead, a simplified andmore intimate environment willemerge, more focused on building relationships and offering uniqueservices. Simple banking functions will be completely migrated to online services, and as usabilityadvances, these functions will continue to enhance the experience of its customers. Some financialinstitutions have already started offering online banking stations and educational resources at theirbranches to help facilitate with this transition. According to a study conducted by the lndependentCommunity Bankers of America, sixty-four percent of all Millennials place importance on developing a

relationship with their financial institution63. Ultimately, these digital improvements will create a systemthat empowers members to independently conduct their own banking, freeing up branch locations tofocus more heavily on cultivating personal relationships with their members.

!2


Shift to Community lnstitutions?

As bank branches increase their focus on relationship-building, , ,trorig"r advocacy of socially aware

organizations is also occurring, pushing increasingly more consumers to choose community-based

financial institutions over one of the big banks. Seventy-one percent of Millennials claim they would

rather go to the dentist than listen to anything big banks have to say6o, and among the ten most hated

brands in the U.S., four of them are large banks6s. Millennials are expressing this aversion towards big

banks and a preference for locally owned and operated community financial institutions, yet many

consumers have not made any major adjustments to their banking choices. Sixty-eight percent of

Millennials currently bank primarily at one of these national banks, most likely due to brand recognition

and a significant branch presence throughout the country66. Also, though they probably won't receive

the best service at one of these big banks, they can at least expect a certain level of consistency. ln

order for community-centric financial institutions to succeed and continue to grow in today's economy,

they must work very hard to provide the same level of consistency as these big banks and to be

innovative in further establishing their brand through new digital channels. Many locally-owned and

operated credit unions already have a reputation for consistency and community involvement. As a not-

for-profit financial cooperative, credit unions exist to promote a local mindset and provide benefits to

their members. GTE Financial, a federal credit union located in Tampa, FL and serving the Tampa Bay

area, is an example of a locally-owned financial institution with a strong reputation. With nearly two

hundred and thirty thousand members and growing, this not-for-profit financial institution is

representing how a shift to community institutions is benefitting its community through more

personalized service, lower rates and fees, higher yields, and numerous contests and giveaways topromote community building. Even though community institutions like GTE maintain a regionalfocus

with their membership, it could be seen by those unfamiliar with the credit union model as a limit to

their growth that they lack the national recognition of big banks. This may cause a dilemma for some

looking for a reputable and recognizable place to park their money; however, reputation is increasingly

being determined by new standards. Going forward, both national and community financial institutions

must realize that economic performance is no longer its main or only responsibility; expectations

regarding social responsibilities and relationship-building will continue to widen as we advance forward

into the future.

Conclusion

Millennials are leading a movement that is fighting against the idea that consumers must blindly follow

the methods and preferences of previous generations in regards to banking. As discussed throughout

this paper, the ever-increasing desire for a ubiquitous payment system to provide immediate processing

and do-it-yourself options is transforming the idea of 'business as usual' to something more innovative

and evolving. No longer are financial institutions conforming to an expected standard of appearance,

13


now instead taking cues from ground-breaking companies like Amazon and Facebook. This sort of

technological progress can be seen in major improvements to ACH and card payment channels, as well

as the continued widespread acceptance of mobile and online banking and payment options. Along

with strengthened security, these sorts of innovations will only continue to expand and evolve as we

progress towards a new age of digital banking and a redefined branch experience. The world

marketplace is quickly transitioning towards supporting a population majorly consisting of Millennials;

through appealing to what truly matters to them - speed, security, digital options, social responsibility -

banks and credit unions will stay on the forefront of relevancy for years to come.

t4


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18

Documents

GTE Emerging Payments White Paper_0001