A new 2,000 UK consumer respondent survey commissioned by payment systems firm ACI Worldwide that and YouGov has shown that the speed in which payments are completed is a growing concern among consumers and that many would consider switching to a different bank if it offered faster and more convenient payment methods.
According to the research, 45% of consumers said the offer of faster electronic payments would encourage them to move away from their primary financial institution and 41% of respondents indicating they expect payments to reach recipients in five minutes or less. Commenting on the research, Barry Kislingbury, lead solutions consultant at Consumer Banking Europe, ACI Worldwide said,
“Our research shows that today’s consumers want fast and easy payment methods. Banks have a real opportunity to stand out by offering faster payments and other innovations that today’s consumers covet.”
The ACI Worldwide research also highlighted that younger consumers are among the earliest adopters of new payment technologies like contactless and thus financial institutions who are able to deliver a fast and streamlined payment experience have better odds at keeping consumers (but importantly the growing millennial demographic) from leaving to other banks and new payment disrupters. A trend that manifest itself in many international markets.
Overview by Tristan Hugo-Webb, Associate director, Global Payments Advisory Service at Mercator Advisory Group
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