Consumers want more autonomy when it comes to payments. According to a survey conducted by Entrust, consumers want a “digital-first, not digital only approach.” They want a frictionless payments experience.
That was certainly evident in the survey’s key findings. For example, more than 50% of U.S. retail shoppers said they prefer to access their bank information through a mobile app versus going to an actual branch. What’s more, nearly half of respondents said they would rather open a new account via a mobile device. To put that in perspective, 26% of respondents said they prefer to open a bank account online, while nearly as many respondents said they prefer to do that in a physical branch.
In this highly competitive market, if financial institutions want to remain top-of-mind, they must be take a digital-first approach. However, it’s not all or nothing. Customers want the benefits of both digital and physical payment capabilities, depending on the use case.
Overall, more consumers are using their mobile device to make purchases and even send money to friends and family. This trend is expected to continue as the expectation for faster, frictionless payments becomes the norm.
Andy Cease, Product Marketing Director of Payments at Entrust notes, “It’s clear that consumers are looking for intuitive payment options that get them what they need when and how they want it. Independently, each payment option has its own merits, but when delivered as a suite of offerings wrapped up in one secure and seamlessly integrated experience, they become a powerful acquisition tool and brand affinity builder.”