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Study Finds Most FinTechs Don’t Meet Consumers’ Instant Payments Expectations
The consumers powering today’s economy are increasingly digital-first, meaning money mobility is a top requirement for any financial services provider — especially FinTechs set on winning consumers away from traditional banks. PYMNTS’ research finds that peer-to-peer (P2P) transfers are the top services that consumers expect when using a FinTech provider. While supply has not always met demand, FinTech account issuers are closing this gap, increasingly offering P2P transfers to their account holders.
As a result, FinTech issuers reported increased customer satisfaction for the completion of both money-in and money-out transactions. On average, issuers were 5.5% more likely to offer satisfactory experiences to customers this period than in Q3 2022. Despite their efforts to meet consumer demand for instant transfers, our data also suggests that FinTech issuers need to better understand their customers’ needs. While consumers are mostly likely to cite prompt availability of good funds/speed as their biggest issue when depositing or transferring funds, FinTech executives cite customer experience and limited transfer as their customers’ biggest concerns.