Millennial customers expect the same level of service when making payments regardless of how, when, where, and why the payment is initiated.
Banks must decide whether they want to fight for a share of this market, as way to grow or maintain their overall market share. To do this, they must first have a holistic view of all their channels and products to achieve consistency and transparency across all them. Then they must innovate their payment value chain to offer comprehensive products and services to their customers across their channels. But what attracts the millennial consumer to use alternative payment services from non-banks such as PayPal, ClickandBuy, or Square Inc.?
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