Channels

12:02 PM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

Real-Time Payments Offers Opportunity to Build Customer Loyalty, Study Finds

Consumers are not only interested in real-time payments, but they’d prefer their primary financial institution to be their real-time payments provider, a recent FIS study suggests.

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.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Slideshows
Video