TREND 1 TREND 2 TREND 3 TREND 4 TREND 5 GEN Z RISINGUX IS THE NEW GOLD MOBILE HIT ITS GROOVE REWARDS REVOLUTION THE NETWORK EFFECT TREND 2 UX IS THE NEW GOLD The ties that bind customers to traditional payments players are fragile at best. TREND 6 TREND 7 TREND 8 TREND 9 TREND 10 As the payments universe expands, customer experience is becoming the FINTECH AND BANK FUSIONAN ARMS RACE IN CODEPAYMENTS EVERYWHERE FRAUDSTERS INNOVATE TOO RIP AND REPLACE REQUIRED prime competitive differentiator. The irony—and the danger—for traditional players is that customer experience is in the spotlight just as they are losing control of customers. Less touchpoints mean less opportunities to shine. So when companies have customers’ attention, they better get it right. % Think about how Google makes a fortune as the destination of choice to find anything. The genius is that by owning search, Google collects billions 61 in advertising revenue. Even if people have no interest in the ads, the times of consumers that they actually do is pure gold. The same is true in payments. Providers welcome open that are present across the payments journey in the moments that matter to access to their consumers—not just if or when a transaction occurs—are golden. finances so they With digital, payments providers can connect with customers in these can see checking moments like never before. Consumers are ready. Our survey indicates that account or credit most—including about 70 percent of Millennials and GenZers—are interested card balances when in digital payments advisory and expense management services that can give paying with any them a better understanding and control of their personal spending. This is mobile app. a clear signal that payments has moved beyond the transaction. Next-level customer experiences matter more than ever. Experiences that align not just Source: Accenture 2017 North with how people pay, but with moments of influence in their lives. To deliver, America Consumer Payments the industry must design payments experiences around human needs. Case Pulse Survey in point: ZapBuy from Omnyway makes it possible for consumers to hold their smartphones over any display ad on any channel, including print, television and online, and make a purchase immediately. For now, banks have a monopoly on the data they need to deliver meaningful customer experiences. But as our consumer survey shows, with more than half of Millennials and Gen Z consumers willing to share online bank account credentials with third parties, this monopoly is vulnerable. Not to mention that this is the era of open banking. PSD2 in the European Union allows third parties to access customer account information via application programming interfaces (APIs). While it is an ocean away, PSD2 is a harbinger of things to come in North America. Already, large banks in the United States have started to open their data to third parties. The battle over customer experience has begun, and it is anyone’s to win. Copyright © 2017 Accenture. All rights reserved. DRIVING THE FUTURE OF PAYMENTS 10 MEGA TRENDS | 5