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Consumers Hungry for Real-Time Payments Offer Opportunities for Financial Institutions, Says Fiserv White Paper
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Rhea-AI Summary
According to a recent white paper from Fiserv, conducted by Javelin Strategy & Research, consumers recognize the benefits of real-time payments but are unclear on the concept and its availability. The study reveals that 60% of consumers doubt the instantaneous nature of real-time payments, while 44% mistakenly believe nonbank apps offer instant access through bank accounts. The paper suggests financial institutions educate consumers on real-time payment options and enhance their services to capture market opportunities.
Positive
Consumers acknowledge the benefits of real-time payments.
Opportunity for banks and credit unions to educate consumers on real-time payments.
Enhanced services could lead to increased customer acquisition in the digital payments space.
Negative
60% of consumers believe real-time payments are not instantaneous.
44% of consumers misunderstand the capabilities of nonbank apps regarding access to funds.
Banks and credit unions can build a competitive market position by offering and highlighting benefits of real-time payments
BROOKFIELD, Wis.--(BUSINESS WIRE)--
According to a new Fiserv white paper showcasing findings of a survey conducted by Javelin Strategy & Research, consumers are crystal clear on the benefits of real-time payments, yet often lack understanding of what exactly real-time payments are, what they can do, and who offers them. This underscores the opportunity for financial institutions to offer real-time payments and spotlight their ability to offer instant money movement at critical moments.
The paper, "Real-Time Payments: An Urgent Priority for Financial Institutions,” argues that these are pivotal times, as financial institutions have an opportunity to educate consumers – especially younger generations – on the value of real-time payments. Banks and credit unions can do this by addressing some of the consumer misperceptions noted in the paper, including data that shows “a worrisome 60% of consumers think that ‘real-time payments’ are not truly instantaneous.” And that “44% of consumers who recently received funds via nonbank apps mistakenly believe those apps provide instant access to funds through their bank accounts.” The white paper can be downloaded at fisv.co/RealTimePriority.
“Consumers want to utilize real-time money movement and expect instant access to funds to be part of the equation, but many do not realize this is not true of all services,” said Matt Wilcox, president of Digital Payments and Data Aggregation at Fiserv. “Banks and credit unions have an advantage in their ability to give customers instant access to funds through their bank accounts, which people have said they prefer.”
The paper, commissioned by Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, and produced by Javelin Strategy & Research, underscores that financial institutions do not need to focus resources on convincing consumers that real-time payments are worthwhile because they already understand the benefits. The goal is to change consumer perceptions of real-time payment capabilities offered by financial institutions through six recommended actions, including:
Accelerating investments in real-time money movement
Building out real-time payments in bill pay and interbank transfers
Improving the consumer experience of using real-time payments
Using the speed of real-time payments to strengthen financial fitness tools
Refocusing marketing to counter misperceptions about real-time payments
Raising awareness of real-time networks, like Zelle®, among Gen Z
“Offering instant payment capabilities is now table stakes for financial institutions,” said Mark Schwanhausser, director of Digital Banking at Javelin Strategy & Research. “The opportunity for banks and credit unions to win customers in this space will hinge on their ability to deliver and differentiate their offerings from nonbank apps.”
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. For 35 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for six consecutive years, recognized for strength of business model, people management, social responsibility and innovation leadership. Visit fiserv.com and follow on social media for more information and the latest company news.
Media Relations:
Ann Cave Vice President, External Communications Fiserv, Inc. 678-325-9435
ann.cave@fiserv.com
Source: Fiserv, Inc.
FAQ
What are the main findings of the Fiserv white paper on real-time payments?
The white paper highlights consumer recognition of real-time payments' benefits but also reveals misconceptions about their instantaneous nature.
How can financial institutions leverage real-time payments according to Fiserv?
Financial institutions can educate consumers, improve service offerings, and address misconceptions to enhance their market position.
What percentage of consumers doubt the instantaneous nature of real-time payments?
According to the study, 60% of consumers believe real-time payments are not truly instantaneous.
When was the Fiserv white paper on real-time payments released?
The white paper was released prior to November 2021.
What actions are recommended for banks and credit unions in the Fiserv white paper?
The paper recommends accelerating investments in real-time payments, improving consumer experience, and countering misperceptions about these services.
