Contrary to popular headlines that suggest frivolous spending among younger generations, Gen Z is no longer compelled to rely on their parents for financial support, according to new research. Forbes shares why this could be a result of the rise of the fintech industry and alternative ways of managing money.
According to recent research from peer-to-peer lender Zopa, those aged between 18 and 22 - also known as Gen Z - are no longer compelled to rely on their parents to support them financially as 35 percent of the age group and 52 percent of millennials have more than £1,000 in savings.
Most banks and credit unions are having executive-level discussions about Zelle and P2P payments, but only a few leaders are actively putting plans in place for small businesses. In a recent article, Payments Source explains why neglecting this market opportunity could cause customers to switch banking providers.
Finding a fast and easy way to receive payments remains a top priority for these businesses. And yet, they are frequently left out of the industry’s faster payments conversation, writes Steve Robert, co-founder and CEO of Autobooks.
VSoft recently announced the launch of its new service, VSoft Statements, to take the headache out of statement delivery by generating a customized, professional product. Using the new service, financial institutions can configure their statements based on the account holder’s selection. Learn more about the new service in our press release.
Artificial intelligence will ultimately change the way businesses of all sizes run their financial operations, especially when it comes to payments. In a recent article, Payments Source shares why AI could be the final straw for B2B payments.