Page 49 - GS180602

Education

Moving beyond the transaction Significant opportunities exist for the industry as a whole to evolve far beyond
the reaches of individual transactions and begin to instigate social and lifestyle
Understanding what goes on in the changes than can have a meaningful impact on how we buy and pay for goods
mind of a Gen Zer is important in de- and services. The key element in effecting these changes is for the traditional
termining where they will find value market players, such as banks, to join forces with the new fintech companies
and what matters most when it comes to offer a full set of capabilities that will enable them to meet the needs of any
to financial topics. In a 2017 Accen- generation.
ture report on transaction trends,
researchers found that 70 percent of A 20-year payment technology veteran, Zavida Mangaru has served in leadership roles at
millennials and Gen Zers are inter- Mastercard and American Express and is the current Executive Vice President of Product Strategy
ested in a more holistic payments and Innovation at North American Bancard. Contact Zavida at TalkToUs@nabancard.com.
management experience, including
digital payments, advisory services
and expense management.

The study stated this is "a clear signal
that payments have moved beyond
the transaction. Next-level customer
experiences matter more than ever.
Experiences that align not just with
how people pay, but with moments
of influence in their lives. To deliver,
the industry must design payments
experiences around human needs."

Before we know it, Generation Z
will represent a large portion of the
world's purchasing power. As the
banks hold customer data and in-
formation, it's up to them to answer
the call for a simplified and holistic
approach to finances. Banks can be
the key to enabling this leap forward
in the payment processing industry
by recognizing the need for a digital
wallet solution that gives consum-
ers access to their finances, bank ac-
counts and credit card information
all in one location.

However, given the level of complex-
ity and lack of focus on the long-term
vision, the majority of banks have
not formalized a payment strat-
egy or have plans for developing
one, based on analytics from a 2017
study completed by the Capital Per-
formance Group LLC. This is where
third-party, non-banking technology
companies come in. By working with
payment technology API providers,
banks can create timely strategies
that will appeal to Generation Z.

Together, banks and API providers
can re-envision what the payments
industry can do and make transfor-
mational changes to meet the needs
of customers today and in the future.

49