In today’s instant digital age consumers expect the ability for their payments to be processed in real-time, according to a study released last month by FIS. A consumer survey conducted by Ipsos Vantis on behalf of the banking technology provider found that 80% of customers who use overseas money transfer believe it’s important for the recipient to be able to use the transferred funds immediately. Also, 58% of customers who make account-to-account transfers and 41% of P2P payments users desire immediate access of their funds.
Fortunately consumer demand for real-time payments affords an opportunity for banks to gain customer loyalty, as the survey results suggest that consumers prefer their bank to be their provider of real-time payments over a card company or an alternative payments provider. Among the survey respondents 55% said they want their primary financial institution to be their real-time payments provider.
Going forward that opportunity in real-time payments seems particularly enticing to younger consumers if banks can offer real-time payments through the mobile device, the survey suggested. Among Gen Y respondents who use P2P payments surveyed, nearly as many said they prefer to make real-time payments with their mobile phones than with their laptops or desktops. Overall 40% of the respondents who use foreign money transfers and P2P payments said they want to make real-time payments through their mobile phones.