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Millennials are all grown up now and driving massive changes in the way we transfer money. Hungry for instant, seamless and contextual money transfer experiences, millennials are turning to non-traditional mobile P2P transfer providers for a variety of everyday tasks.
For the banking industry, growing millennial demand for mobile P2P transfers brings both challenges and opportunities. Current P2P facilities offered by mobile banking apps are counterintuitive, out of context and require a number of information fields to be filled out, making them unappealing to millennial lifestyles. There is also the looming presence of non-traditional competitors with large and established millennial user bases such as Facebook, Venmo and Google Wallet steadily gaining market share. Banks are not only losing out on a growing mobile P2P transfer market but also missing a golden opportunity to connect with a financially important generation of customers.
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