How banks are going to have to adapt their services to keep digital natives - people who have grown up with the Internet and mobile phones - happy was up for discussion at the strategic innovation in payments systems panel at EBAday today.
There's no doubt that digital natives expect more from their technology than older immigrants so it's natural that the retail side of payments is more user friendly than corporate offerings - all the natives are still too young to need the latter.
At the moment banks don't make life as easy as they could for corps because they can get away with it. But in a few years this will change and the people in charge of payments at big firms will expect the process to be as simple as it is to buy something
on Amazon. If banks don't offer this, a new kid on the block will make a PayPal-style move onto their turf.
Perhaps even much simpler than Amazon or Paypal. They're a bit clunky for my liking and definitety old first generation electronic payment systems. I guarantee that in a few years the kids will be used to something much, much simpler.
© Finextra Research 2014