Financial service providers face many choices when determining the best way to provide customers with financial mobility, and the temptation to rely too heavily on in-house solutions can lead some to overlook the benefits of partnerships. Lack of familiarity with the work that comes after a solution has been developed and implemented may cause some to underestimate the value of working with an organization that has already walked this path and solved many of the difficulties encountered with it. maintenance and operation.
Part of the struggle is ensuring that a cash-out mobility solution does more than just check all the latest digital bank boxes. A digital banking solution may appear to have everything you need on paper, but may not provide the optimal customer experience that will help retain and recruit consumers. While speed and convenience are important, security also looms large among consumers’ concerns when it comes to financial mobility. Fifty-two percent of consumers surveyed expressed concerns about the security of their online transactions, and 42% said their concerns had increased over the past year. As more consumers turn to online banking apps for their day-to-day banking needs, the desire for fast, secure, and low-friction cash-out mobility solutions will only grow.
In this month Money Mobility Tracker®PYMNTS examines how financial service providers should ensure their solutions provide the best security and superior customer experience.
Around the landscape of mobility by investment
Financial institutions (FIs) are under pressure to ensure their deposit solutions meet a wide variety of consumer needs in order to keep up with growing competition in the digital space. By the end of 2021, consumers could choose from over 10,000 FIs offering deposit accounts, and FIs are no longer limited to regions where they have a physical presence.
While a small number of large institutions still dominate the deposit account space, the proliferation of digital banking tools and platforms has opened up greater opportunities for smaller institutions to define themselves as viable alternatives.
While consumer monitoring of accounts and transactions remains one of the most important aspects of fraud detection, 44% of US consumers surveyed say they spend less than 10 hours a year checking their accounts for aren’t transactions they don’t recognize, and 25% spend less than an hour a year on this preventative task. At the same time, US consumers are among the most likely to be targeted by bad actors for fraud, and US consumers lose an average of $265 to fraudulent charges each year. Additionally, US consumers are the most frequent victims of debit card fraud worldwide and among the most frequent victims of credit card fraud, bank fraud, and digital payment fraud.
To learn more about these stories and other developments in monetary mobility, check out the News & Trends section of Tracker.
Regions focus on providing a smooth and secure mobility experience
Consumers and businesses want reliable, secure and user-friendly mobility experiences, and part of the offering comes from approaches that look at the whole experience rather than individual tasks.
In this month’s feature, Tim Mills, Senior Vice President of Emerging Payments Strategy at Regions Bank, discusses how Regions Bank strikes the balance between customer convenience and account security, as well as how they consider the broader user experience when looking for the most effective way to use digital banking technologies.
PYMNTS Intelligence: Importance of Funds Outflow Mobility is Rising
Financial service providers must consider several concerns when deciding how to offer paid mobility that meets consumer needs and expectations. Their customers want to be able to make payments easily and with minimal friction, as well as ensure that payments arrive quickly and without unnecessary delays. At the same time, providers need to protect their account holders from fraudulent transactions, but need to do so without adding too much friction to payments to take away the benefits of having digital tools and access.
This month’s PYMNTS Intelligence looks at how financial service providers can balance mobility priorities to deliver the experience to their customers in an increasingly competitive space.
the Money Mobility Tracker®a PYMNTS and Ingo Silver collaboration, examines the latest trends and developments shaping the financial mobility space and the challenges faced by financial service providers in an increasingly competitive space.