Do today's payments options meet the needs of people's fast-moving lives? As generations mature and innovation drives new payments methods, how are preferences and needs evolving? The quarterly consumer trends survey from Fiserv provides answers and insights.
Expectations & Experiences: Consumer Payments provides insights that financial institutions, billers and other providers can use to understand consumer needs to drive adoption, satisfaction and long-term profitable relationships. Key findings include:
- Consumers overwhelmingly favor enhancements that enable real-time transactions such as same-day posting, real-time balances and instant alerts
- Security is top of mind and influences decision making. For example, 64 percent of consumers who don't use mobile banking say it is due to security concerns
- Awareness is a key barrier. For example, 45 percent of consumers don't actually know if their financial organization's bill pay service offers the ability to receive or view bills online