Digitization, mobility, changing lifestyles, and e-commerce are the impetus for new approaches in payments and account management. The rise of new methods and the penetration of Internet-connected mobile devices with innovative capabilities—such as near field communication (NFC), which allow users to quickly exchange text, images, URLs or other data between devices, or quick response codes (QR code), which can store much more data than a standard barcode and can quickly transfer this information into a mobile device—have set the basis for dramatic changes in online and offline payments. A variety of small companies demonstrated innovativeness and profitability with solutions that threaten an important aspect of retail banking: traditional money transfer. Quick and safe electronic and mobile payment methods, combined with electronic wallets and innovative account management tools, are challenging the role and dominance of cash, credit, and debit cards. A recent study by ECC finds that 35 percent of consumers would like to use their mobile device as an e-wallet. - See more at: http://www.atkearney.com/financial-institutions/ideas-insights/article/-/asset_publisher/LCcgOeS4t85g/content/inside-tomorrow-s-retail-bank/10192#sthash.PY5HaF3j.dpuf