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Dona[euro][TM]t Overlook Gen Ya[euro][TM]s Online Enthusiasm.(Viewpoint)
Byline: Missy Zakett
Ms. Zakett is vice president of sales at Western Union Payment Services. She works with mortgaging servicing organizations to establish effective payment strategies to meet their needs in todayas challenging economy.
While the majority of consumers pay their bills through a variety of channels and using numerous payment types, Generation Y, also referred to as millennials or the Net Generation, is the most likely segment to pay bills online.
It makes perfect sense. This connected generation grew up with technology.
They crave it, trust it and use it as their main source for information, communication, entertainment and money management. Whether itas exchanging messages with friends, purchasing music, reading about the hot new restaurant or, of course, paying bills, Gen Y practically lives online.
Lenders must consider designing payment offerings based on generational needs. A one-size-fits-all approach is no longer valid.
You may be missing important customers by focusing only on limited demographic segments like baby boomers.
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