GTE Emerging Payments White Paper_0001

GTE FINANCIAL
Emerging Payment Systems: How
Millennials are Driving the Future of
Banking
By facob Bennett, Member Payment Systems

Emerging Payment Systems: How Millennials are Driving the Future of Banking
I ntrod u ction
As 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 taking
place 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 institutions
across 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 transfer
from 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 of
their 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 for
both 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 technology
continuesl3.
Do-it-You rself Ba n king
For the majority of the banking population, with the exception of tech-sawy Millennials and other more
progressive individuals, the concept of banking is very much tied to a physical branch. Complete with
outdated 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 redundant
tasks. lncluded in this is the way we bank and submit payments. Consumers today want the option of
convenient do-it-yourself banking that makes financial transactions simple and efficient, and innovation
in technology has made that possible. No longer are bank services measured in comparison to other
financial institutions; now, technologically-driven companies like Amazon, Netflix and Twitter are setting
the 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 with
when 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 online
and 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-hour
cash 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 that
allow 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 increased
perception 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 rolled
out 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 including
standard 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 virtual
banking shift. NCR, a leading ATM manufacturer, initially launched its interactive teller machines with
Bank of America in 201316. Since then, many other banks and credit unions have begun deploying the
innovative technology to their branch locations, some in addition to and some in place of the standard
teller 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 higher
understanding 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 to
safety, "They're more convenient, faster and safer
- robberies basically go away with this
- and they
allow us to provide better service," said Willard Ross, chief retail officer at Coastal Federal Credit Union
in 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 the
payments sphere, this technology is essential to an even broader virtual adoption.
lnteractive point-of-sale transactions and self-checkout alternatives with many merchants today offer
do-it-yourself resources that have completely altered the way consumers view transactions. Similar to
the 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 total
retailersle. 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 allow
you 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 of
respondents) 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 of
technology must remain diligent in offering an all-inclusive app. lt is not surprising that a number of
other 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 of
ClearXchange, 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-fraudspecialistsmonitorforsuspiciouspurchase
activity 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 that
by 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 that
allow 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 of
consumers fear that payment information which is stored on their phone would be compromised or that
they 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 the
process 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 it
improve 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;the
iPhone 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 it
into 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 to
account for eight-hundred and thirty billion dollars by the end of 2020, it would be beneficial for
financial institutions to get on board now to profit from the efficiency and cost savings coming their
ways8.
Completely Redefined Branch Experience
The main strategy behind branch accessibility and placement throughout different communities comes
down to one thing: customer service. ln the emerging banking and payments environment, customer
service is progressively becoming more about a good online banking service than a conveniently located
branch. According to the 2015 North American Consumer Digital Banking Survey, thirty-eight percent of
respondents said that good online banking services were the top reason for staying with a bank, while
only twenty-eight percent of respondents claimed branch location as most importantse. People coming
into a branch are on a mission, and anything to reduce their time at the location or provide efficient
alternative methods motivates a more satisfied and loyal membership. ln fact, thanks to the recent
development of convenient online options, eighty-one percent of consumers said they would not switch
banks if their local branch closed, this number having gone up from forty-eight percent only two short
years ago60. One financial institution grasping this reality and taking steps to move forward is Fifth Third
Bancorp, which is in the process of closing one-hundred branches and selling properties intended for
future branches6l. Fifth Third CEo Kevin Kabat stated, "Consumer demographics and our customers'
preferred channels of banking are undergoing significant changes. Technology continues to impact our
service delivery and revenue generation tactics and strategies."62 Though brick-and-mortar locations will
not 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 traditional
banking, 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 from
traditional means and more towards the digital realm. Over the next decade, many industry experts
forecast a significant simplification and scale-back with the presence of bank branches. As mentioned
already, banks like Fifth Third Bancorp are taking steps to reduce their physical presence and look
toward the digital future. With remaining locations, no longer will you see as many large branches
equipped to house multiple teller lines and a large number of employees. lnstead, a simplified and
more intimate environment willemerge, more focused on building relationships and offering unique
services. Simple banking functions will be completely migrated to online services, and as usability
advances, these functions will continue to enhance the experience of its customers. Some financial
institutions have already started offering online banking stations and educational resources at their
branches to help facilitate with this transition. According to a study conducted by the lndependent
Community 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 system
that empowers members to independently conduct their own banking, freeing up branch locations to
focus 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 to
promote 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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