FIS Study Shows Mobility and Convenience Key to Engaging Consumers in
*Consumers indicate high levels of interest in using real-time payments,
especially for sending money to family members and friends.
*Mobility and convenience are crucial benefits to motivate adoption among
key consumer segments.
*Consumers overwhelmingly prefer to obtain real-time applications and
services from their financial institutions.
JACKSONVILLE, Fla. -- October 31, 2013
Consumers demand convenience, flexibility and pay-anywhere availability from
real-time payments, according to the third phase of a comprehensive banking
behavior study by FIS™ (NYSE: FIS), the world’s largest provider of banking
and payments technology. Among the findings, consumers who transfer money
person-to-person -- especially those sending money overseas -- want to make
those transactions immediate; and, while young consumers are more likely to be
among the early adopters of real-time payments, most importantly, they want
the process to be convenient and easily accessible.
The study, conducted by global market research provider Ipsos Vantis, on
behalf of FIS, gauged consumer sentiments and potential economic value for
banks that instantly authorize transactions in four key market groups:
outbound foreign money transfer users, account-to-account (A2A) transfer
users, person-to-person (P2P) payment users and online bill payers.
Faster payment was rated as being important by 80 percent of outbound foreign
money transfer users, because it provides both senders and recipients with
peace of mind. The majority (58 percent) of A2A users also want to be able to
transfer their money between accounts quickly and a large percentage (41
percent) of P2P users want recipients to be able to access funds immediately.
Potential adopters of outbound foreign money transfer and P2P real-time
payments most often want to use real-time applications to send money -- as
gifts, payments, for emergencies and more -- to family members and friends.
Prime consumer segments for early adoption of real-time payments include:
affluent customers, people sending money overseas and younger customers. The
study underscores the importance of features that support convenient payments,
particularly mobile device access of real-time applications and services –
especially for outbound foreign remittance users. Fifty-two percent of
outbound foreign money transfer users would use their mobile devices for
real-time transfers while 45 percent of P2P users reported a desire to use
their mobile devices.
Another significantly desired convenience is the ability to enter a
recipient’s email address or phone number to route a transaction instead of a
long series of bank and checking account numbers. Demand for this convenience
is particularly strong among younger generations. Fifty-five percent of Gen Y
and 43 percent of Gen X consumers stated they would be more likely to use
real-time payments if they could transfer funds in this way.
In a previous phase of the release of this study’s data, FIS noted that the
majority of consumers (55 percent) – including the prime target segments for
early adoption of real time – prefer to obtain real-time payment applications
and services from the financial institution where they have their primary
“Real-time payments are clearly the future of money movement, according to the
consumer demands laid out by our data,” said Anthony Jabbour, EVP, North
American Financial Institutions, FIS. “As the research has shown, people trust
their financial institutions to bring them real-time payment solutions, but
they will use other avenues if their bank can’t meet their needs. For that
reason, financial institutions must adapt to keep step with their customers
and not fall behind non-bank competitors.”
This is the third segment of a three-part series; the first two segments of
the study’s findings highlighted opportunities for financial institutions -–
from smaller, community banks to larger, major institutions -– to capture
real-time business and the consumer behaviors and preferences that make
real-time payments a good business decision.
The study’s research method was comprised of qualitative research with focus
group respondents, including overseas money transfer users, followed by a
national quantitative survey with 1,508 adult financial decision makers who
conduct their banking electronically as well as interviews with 30 executives
in the banking industry.
Real-time payments are a key pillar of FIS’ broader global payments vision.
FIS is in the process of piloting PayNet^TM, the company’s real-time
authorization and settlement solution powered by the NYCE^® network. PayNet is
currently being integrated into FIS’ broad payments portfolio, including bill
pay, EFT, retail solutions, electronic commerce, P2P and mobile payments
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking
and payments technologies. With a long history deeply rooted in the financial
services sector, FIS serves more than 14,000 institutions in over 100
countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000
people worldwide and holds leadership positions in payment processing and
banking solutions, providing software, services and outsourcing of the
technology that drives financial institutions. First in financial technology,
FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a
member of Standard & Poor’s 500^® Index. For more information about FIS, visit
Photos/Multimedia Gallery Available:
Kim Snider, 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
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