Money Mobility Tracker – May 2022 - Ingo Money

Money Mobility Tracker – May 2022

May 26, 2022

How significant will money-out mobility be for consumers in the future when choosing an account provider, and why?

The numbers tell the story. Sixty-nine percent of consumers now bank through a mobile app, with 47% using those apps at least once a week. And 81% of consumers surveyed by Experian said having a fast, easy payment experience makes them think more highly of a brand. The reality is that money mobility is a critical part of brand experience, differentiation, and retention.

In a world where consumers must move money between payment apps, brokerage accounts, credit cards and bank accounts easily and immediately, partners must keep pace. Consumers demand money-out capabilities that allow them to immediately send ready-to-spend funds to any account of their choosing, including for me-to-me transactions in which they simply relocate their funds between accounts or make payments to friends, billers or vendors.

To fulfill these consumer expectations, companies need a FinTech partner and platform that can handle all the connections, reconciliation, compliance and security concerns on their behalf. Otherwise, companies run the risk of providing sub-optimal user experiences that will drive users to competitive offerings. Because in a world where every company can be a FinTech company, expectations are high, and consumers vote with their wallets. Money mobility is undeniably the new “sticky.”

Drew Edwards
CEO at Ingo Money

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Table of Contents

  • EDITOR’S LETTER
    PYMNTS’ Thought Leadership Team on the challenges and pressures facing account providers due to the digital transformation and the importance of considering the best options for improving money-out mobility
  • FEATURE STORY
    An interview with Tim Mills, senior vice president of emerging payments strategy at Regions Bank, about balancing a low-friction customer experience with a deep level of security in the digital age
  • Q&A
    Insights from Drew Edwards, CEO at Ingo Money, on the challenges facing account providers offering consumers fast and secure money-out mobility
  • NEWS AND TRENDS
    The latest headlines from around the money mobility space, including how Eurozone consumers are more interested in ease of use than security for a proposed digital euro and how little time U.S. consumers spend checking their accounts for fraud
  • PYMNTS INTELLIGENCE
    An in-depth look at the growing demand for money-out mobility among both consumers and businesses and how the challenges of fast money movement are being addressed to improve the end-user experience
// Related Resources
  • Money Mobility Tracker – June/July 2022 How FIs can fight fraud while ensuring money mobility

    Grasshopper on the importance of offering secure, frictionless money mobility.

  • Money Mobility Tracker – May 2022 Money-out mobility is gaining in importance

    Regions Bank on providing superior and secure money-out mobility experiences.

  • Money Mobility Tracker – April 2022 Navigating the money-in side of the money mobility equation

    An in-depth look at consumers’ habits and preferences when opening and funding new accounts, whether traditional or digital-first.

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