The July 2024 report shows millennial-run SMBs are driving major shifts in digital banking and payments. Forty percent adopt new financial technology immediately, double the rate of baby boomers. Mobile payments are vital for 72% of younger SMBs versus 29% of older peers, and 81% value real-time payments compared to 46% of seniors. Younger SMBs also prioritize cash management tools (85% vs. 55%) and embedded analytics. While digital adoption is higher among millennials, legacy payments like checks remain widely used, requiring a mix of traditional and modern payment options.

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