Insurance: Building Customer Loyalty with Instant Claims Payments
September 7, 2018
The way in which people want to be paid is rapidly changing, and nowhere is this truer than for policyholders impatient to have a claim paid out.
Their expectations for immediate payment go hand in hand with the widespread digitalization of so many other routine activities. Need a place to eat? Make a reservation online. Want to pay for something? Just swipe your phone. Awaiting a payment yourself? It’s only reasonable to expect the same speed and convenience.
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With the new year comes new expectations for FinTech firms.
Recent PYMNTS data finds that fraud losses run about 2% of revenues — $51 million annually for the average FinTech.
The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
With more workers living paycheck to paycheck, having fast access to their hard-earned cash is crucial.
// Related Resources
The Money Mobility Playbook The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
The Role of Fintech Banks FinTech banks are most popular among bridge millennials, low-income consumers and paycheck-to-paycheck consumers.