The Connected Economy’s Power Source
April 9, 2021
Payouts Without The Pain
“In just a short time, COVID-19 has accelerated digital adoption in terms of how people shop and pay for things, and for many, the behaviors are here to stay. Accordingly, given the shutdowns and dire cash flow needs of millions of consumers and small businesses, the pandemic has also spurred the desire for payors and FIs to modernize the disbursements side of payments as well — to go even beyond that of analog and digital to offering instant, on-demand money.
Delivering on the need and desire for faster money means that payors provide an experience that looks more like eCommerce — one that is immediate, seamless and offers choice in how to get paid. Use cases that still offer checks and ACH are candidates. The treasury banks that service these payors are taking note: For their merchants, this can mean paying employees on demand after their shifts. For their insurers, it is about paying claims instantly. For restaurants, it can be a mechanism for safely and conveniently paying out daily tips. Whatever the use case, the most powerful motivator is to create a delightful experience that drives new customers and keeps existing ones loyal.
What is important for the FIs to grasp in creating such an experience is that… point solutions do not equal a flexible customer experience that offers instant, 24/7, on-demand options. Instead it requires a modern payments platform designed for this fuller integration. There is no doubt that FIs will have to figure this out if they want to keep their businesses and customers in the future. Otherwise their payors will begin to look elsewhere to the FinTechs that are ready to take it on and steadily making traction.”
CEO at Ingo Money
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One of the overriding business themes of the pandemic has been the accelerated pace of digital transformation. Many executives across multiple industries have speculated they were able to pack 10 years’ worth of digital innovation into one year because of customer and employee demands.
Delivering on the need and desire for faster money means that payors provide an experience that looks more like eCommerce — one that is immediate, seamless and offers choice in how to get paid.