In today's fast-paced digital world, consumers expect convenient and efficient payment options that fit seamlessly into their lives. For credit unions looking to stay competitive and meet the evolving needs of their members, understanding and embracing digital payment preferences is essential. In this blog post, we'll explore some of the most sought-after digital payment possibilities and why they matter to your members.
Most Sought-After Digital Payment Capabilities
Digital Wallets
Forbes found that over 50% of Americans have used digital wallets more often than traditional payment methods. This presents a significant opportunity for credit unions to gain a competitive edge.
Despite common misconceptions, credit unions have access to the similar technological capabilities as larger financial institutions. In today's financial landscape, technology has leveled the playing field, making advanced features like digital wallet integration accessible to institutions of any size. Don't miss out on this opportunity to enhance member convenience and satisfaction.
Bill Pay
According to the Financial Brand, 78% of consumers paid their phone bills online in 2020. However, there's still room for growth, as only 34% of consumers make personal loan payments (such as mortgage or auto payments) online or via mobile devices. Credit unions can reposition bill pay at the center of their digital experience, offering a wide variety of online bill pay options to meet the evolving needs of their members.
Real-Time Payments
Demand for real-time payments is on the rise, with an increasing number of individuals preferring the speed and convenience of instant transactions. Whether it's transferring funds between accounts or making urgent payments, real-time payments offer a level of convenience that modern members expect.
Contactless payments
Contactless payments have surged in popularity, particularly in response to the COVID-19 pandemic, as consumers seek safer and more hygienic payment options. With contactless technology embedded in credit and debit cards, as well as mobile wallets, members can simply tap their card or device to complete transactions quickly and securely.
Research from Mastercard shows that contactless payments have experienced a significant uptick, with over 40% growth in contactless transactions globally. By embracing contactless payment technology, your credit union can cater to evolving consumer preferences and provide a safer, more convenient payment experience for your members.
Mobile Banking
Mobile banking apps have revolutionized the way people manage their finances, offering unprecedented convenience and accessibility. In addition to facilitating traditional banking activities like checking balances and transferring funds, mobile banking apps often offer features for making digital payments, such as...
- Paying bills
- Sending money to friends
- Depositing checks remotely
- Transferring money internationally
With 78% of people wanting to banking on a mobile app, investing in robust mobile banking apps can help credit unions stay ahead of the curve and meet the evolving needs of tech-savvy members.
Keep Reading: How to Develop Your Mobile Banking Strategy
Simplify the Experience with Seamless Integrations
By embracing these in-demand digital payment capabilities, your credit union can establish itself as a competitive financial institution that places member convenience and satisfaction at the forefront. Incorporating these technologies not only meets the current expectations of members but also future-proofs your operations for the digital era. Explore FLEX's integrations by clicking the button below to enhance how your credit union serves its members.
