2017 was a pivotal year in changing the consumer behavior. It was the first time that online purchases captured the majority (51% according to Deloitte) of the overall anticipated spend. It’s not only how customers are shopping that is changing, but also how customers bank, save and invest. What is creating this shift? While a move toward digital is being embraced by all generations, it has been propelled forward by millennials.
Jay King, President of Financial Solutions at Alorica, contributed an article to PaymentsSource, a leading online news source for payments and financial service professionals, on how the financial industry needs to pay closer attention to the millennial population. This group is changing the game with their growing buying power and interest in new ways to bank, save and invest their money.