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.”
CEO at Ingo Money
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
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
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