Picture this: Family members from four generations – Baby Boomer, Generation X, Millennial and Generation Z – gather around the table for a meal. As they enjoy their dinner, Grandma Flo, a Baby Boomer, proudly announces her mastery of her credit union’s mobile app, which she now uses to check her balances and transfer money between her checking and savings accounts. Another Baby Boomer expresses relief that his bank still maintains a brick-and-mortar branch near his home, making it easy to pop in whenever he needs to make a deposit or ask a question. (Plus, he’s spent years torturing his favorite teller with his corny jokes!)
The Gen Xers at the table chuckle at the idea of visiting a branch – they started using online and mobile banking YEARS ago – but voice some trepidation about the electronic payment platforms their Gen Z kids have been adopting. To Gen Zers, anything mobile is just part of life. But their Gen X parents have some nagging doubts.
“Are these payment platforms really safe?” one of the parents wonders aloud.