PARALLEL PAYMENT PLATFORMS WILL GROW
NEW CHALLENGES
NEW OPPORTUNITIES
The challenge for financial brands is to prove their
relevance in this changing landscape. Over 70% in
a survey of over 10,000 Millennials, conducted by
Viacom, believe that the way we pay for things will
be totally different in five years. This requires brands
to move fast and innovate to meet an increasing
demand for more accessible payment solutions and
platforms. In many developing countries, digital
money and transfer innovations have already become
mainstream, helping people manage their money
effectively without traditional banking.
As the openness towards new payment platforms
and currencies grows, established brands in the
market need to think carefully about the services
they provide. Imagine our smartphones loaded with
apps and wallets allowing us to pay via a handful
of alternative currencies depending on where we
are and what we’re buying - including branded
loyalty points, cryptocurrencies such as Bitcoin and
smaller local currency schemes. Some banks, such as
Fidor bank, are already integrating these alternative
platforms and currencies into their portals – making
managing money easy and intuitive for their
customers. Some, such as Australian Bendigo bank,
have invented their own alternative currencies.
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PR E S E N T A N D P O T E N TIA L F UTURE S IN F IN A N CIA L SE RVICES