Consumers want seamless, on-demand financial services experiences – and more people than ever are turning to digital payments options to get them. According to the latest Expectations & Experiences consumer trends survey from Fiserv, the drive to digital is showing no signs of slowing down. The data from this survey was collected in the fourth quarter of 2019 and does not reflect consumer habits in a time of social distancing.
For the first time, a majority say they use mobile banking. Meanwhile, use of payments options like mobile bill pay and digital wallets have risen sharply.
Survey question to all respondents: In the past 30 days, approximately how many times have you or your household used the following? You should count each automatic or recurring payment as a single use of the respective service. If you did not use the service, please enter a zero. Not all responses shown.
Convenience and the opportunity to save time are driving increased use of financial organizations' person-to-person (P2P) payments services. Younger consumers are far more likely to use the service, but use is up across all age groups.
Survey question to all respondents: In the past 30 days, approximately how many times have you or your household used the following? Count each automatic or recurring payment as a single use.
Compared to last year, significantly more consumers say specific digital channels are "very secure." There's still room for improvement, but the increased confidence is promising.
Survey question to all respondents: How unsafe or secure do you feel are each of the following methods for paying another person? / Survey question to all respondents involved in bill management: Thinking about paying bills, which of the following methods do you believe are very secure? Select all that apply.
In a typical month, consumers say cash and check use is down, while direct debit (ACH) payments are up significantly. Consumers of all ages are also likely to use automatic/recurring payments – further indications of their expectations for speed and convenience.
Survey question to all respondents involved in bill pay management: Do you currently pay any bills using automatic/recurring payments? / Survey question to all respondents: Please estimate how many times you paid household bills by each of the following methods last month.
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Conducted by The Harris Poll on behalf of Fiserv, Expectations & Experiences is one of the longest running surveys of its kind and builds on years of longitudinal consumer survey data. The survey provides insight into people's financial attitudes and needs, enabling organizations to design and drive adoption of services that improve consumer financial health, loyalty and satisfaction.
They may not always be aware of it, but people make decisions about how to move and manage money all day, every day. The latest Expectations & Experiences consumer trends survey from Fiserv shows how consumers' financial decision making is evolving.
The latest consumer trends on evolving preferences and attitudes when it comes to borrowing and wealth management.