Real-Time Alerts Drive Consumer Engagement

Jan  09 
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Michael Volk  Senior Product Strategy Manager, Electronic Payments, Fiserv 

Immediate access to financial information helps meet evolving expectations

Consumers want convenience and real-time access to information when managing their money. Meeting those expectations is increasingly important for financial institutions that seek to stay ahead of the competition.

According to Expectations & Experiences: Household Finances, the most recent quarterly consumer trends survey from Fiserv, 30 percent of consumers count on bank alerts via text or email to track their finances, up from 22 percent in 2018. Additionally, real-time access to information was cited as very or extremely important by 78 percent of banking consumers.

Why are consumers embracing real-time digital options to manage their finances? Busy lives can make it difficult to keep track of bills, payments and account activity. While email reminders are helpful, they may be less convenient and immediate compared with other notifications. Not only is searching through spam-flooded inboxes time consuming but bills and alerts can be easily lost or forgotten in all that clutter. Dealing with late fees and other inconveniences only increases consumers' frustration.

With fraud on the rise, consumers are especially keen to stay informed regarding account activity. According to consumer research from Fiserv, 79 percent of people involved in managing household bills are concerned about identity theft and stolen personal data. They worry that without immediate notifications, it could be days before they learn about fraudulent activity.   

Real-time alerts provide an important opportunity to attract and engage consumers by delivering information critical to reducing fraud and ensuring successful money management.

Real-time Alerts Deliver Peace of Mind

Fifty-nine percent of consumers find notifications important when managing their money. Real-time alerts delivered as push notifications provide immediate access to information regarding bills, payments and account activity. When bill deadlines are approaching, consumers receive an instant alert allowing them to make payments quickly and easily, which often helps them avoid missed payments or late fees.

New account fraud affects a growing number of consumers. Alerts can quickly screen for fraudulent activity, such as through password changes or profile updates. Immediate notifications help consumers stay in the know, take prompt action and return their focus to other day-to-day responsibilities.

Driving Deeper Engagement

Consumers can choose to receive all alerts from their financial institutions instead of using third-party personal financial management (PFM) solutions or biller sites for alerts. That allows the consumer to manage their bills and payments from one place, while adding more touchpoints for financial institutions to help drive engagement and increased revenue.

In addition to convenience, speed is critical. Real-time alerts provide an important opportunity to attract and engage consumers by delivering information critical to reducing fraud and ensuring successful money management.  

Don't Wait on Real-Time Alerts

Does your financial institution have a real-time alerting strategy that can withstand rising consumer expectations, drive engagement and increase revenue? Real-time payment alerts are no longer a nice-to-have, but a must-have to stay ahead of the competition.

Our fast-paced digital world shows no signs of slowing. Help consumers quickly and easily manage their finances with real-time solutions that calm the chaos and make their lives easier.