The March 2022 Aite-Novarica Group report on SMB Payments and Millennials examines how millennial-led small and midsize businesses are reshaping banking and payment expectations. It finds millennials less loyal to traditional banks, more open to alternatives, and at the forefront of payments change. While they still favor bank-led channels, they show lower confidence in understanding new tools but prioritize modernization. The report highlights their interest in innovative capabilities, willingness to adopt nontraditional services, and the need for financial institutions to adapt offerings to meet evolving demands in speed, convenience, and flexibility.

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