75 Percent of Financial Institutions (FIs) Concerned About Customer Attrition Due to Limited Payment Choices
55 percent of FIs expect an enhanced customer experience as an ROI on
payments investment, according to new report from
The shift in consumer expectations and increased competition from new market entrants are underpinned by the growing importance of the customer and the centrality of enabling an enhanced experience. As such, FIs must invest in their payments capabilities.
Principle findings of this study include:
- 75 percent of respondents believe consumers want a broader choice of payment tools
55 percent cite that an enhanced customer experience is their key
expected ROI on any increase to their payments investment,
significantly higher than:
- Gaining competitive advantage (41%)
- Reducing business costs (40%)
- Introducing new payment services/tools (38%)
- 76 percent believe their payment services face growing competition (from new, smaller and more nimble players)
- 60 percent of retailers report their payments provider does not offer the variety of services required to satisfy customer demand
More than 50 percent (53%) believe the need for security remains the
biggest impediment to payments innovation compared to:
- 41 percent who cite the high cost of maintaining their existing legacy systems
- 37 percent who cite customer protection requirements
For additional insight and to download a complimentary copy of this report, please click here or visit: http://www.aciworldwide.com/campaign/2015/paymentsinsight/fi
This digital survey was conducted online to key payment decision makers globally in the fourth quarter of 2014, providing a snapshot of payment perceptions among financial institutions, scheduled billing and payment taking organizations such as higher education, consumer finance and insurance, and merchant retailers.
Overall, this included a total 1,119 executive respondents across 15 industry sub verticals in 25 key global markets, resulting in over 144,000 separate data points on perceptions and expectations of payments among critical Financial Institutions globally.
ACI, ACI Payment Systems, the ACI logo and all ACI product names are
trademarks or registered trademarks of
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
News Provided by Acquire Media