Individual consumers and businesses are increasingly changing the way they manage their financial affairs. Instead of relying on traditional, physical banking methods, more and more people are turning to digital solutions. Data from PYMNTS shows that 78% of Americans currently prefer to do their banking digitally, while another study found that 68% of small and medium-sized businesses (SMBs) are looking to manage as many aspects of their business digitally. as possible.
The preference for digital solutions is particularly true when making payments. Most consumers now want to make payments through digital channels, as evidenced by the growing use of digital wallets. A similar trend is underway in the business world, as companies are using digital channels more than ever.
The Integrated Financial Tracking® explores how the digital payment needs of consumers and businesses are changing and how integrated finance can help financial institutions (FIs) meet the digital banking needs of their business and retail customers.
Around the embedded finance space
Consumer interest in using digital solutions to manage their financial needs goes far beyond simple banking. A recent consumer survey found that 58% of respondents consider investing, money management, and other financial apps essential to achieving their financial goals. In fact, 54% of respondents wanted technology that could fully manage their finances.
Although consumers are interested in using technology to meet more of their financial needs, it appears that FIs are currently not meeting this preference. According to a survey of 3,000 financial services customers in 15 countries, 93% of respondents want personalized financial assessments from their bank, but only 30% have received the interactions they expect. Additionally, more than half of respondents said they were frustrated at not being able to respond to mobile messages from their bank. For younger consumers, frustration rates were even higher.
To learn more about these and other stories, visit Tracker’s News & Trends section.
KeyBank explains why the future is already here with integrated banking services
Making and receiving digital payments has become increasingly popular among consumers. Digital payments are faster and easier than traditional physical payment methods. Despite the convenience of digital payments, consumers face several challenges when making digital transactions.
In this month’s feature, PYMNTS spoke with Bennie Pennington, Vice President of Integrated Banking and Integrated Payments at KeyBank, about how integrated finance can deliver the digital experiences consumers want. .
With Growing Digital Payment Needs, Integrated Finance Can Help
For consumers and businesses alike, digital payment solutions are more expected and needed than ever. A quarter of consumers who said their payment habits had changed due to the pandemic said they use digital wallets more frequently than a year ago. In turn, businesses increasingly need to support digital payment solutions such as these, and integrated finance can help.
To learn how integrated finance can help FIs meet growing customer needs, read the Tracker’s PYMNTS intelligence.
The Integrated Financial Tracking®a collaboration with Galileoexamines how the digital banking needs of consumers and businesses are changing and how FIs can leverage integrated funding to meet these evolving needs.
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