Boston, May 25, 2021 –U.S. consumers have been adopting digital financial services at a rapid pace, especially millennials and Gen Zers. In spite of significant efficiency gains in financial services, critical legacy infrastructure, which many firms continue to rely on, limits their ability to deliver true real-time service. Once accounts are opened, it can take one to four or more business days for funds to appear, especially following an interfirm A2A transfer. On top of the wait for funds to appear in a new account, U.S. consumers transferring funds to purchase securities have to wait another two business days to finalize the purchase of a security.
This Impact Report, part three of a three-part series, delves deeper into the importance of digital services to U.S. consumers and the impact of legacy payments processes on financial services firms’ customer experience. It also looks at the potential adoption of real-time payments, payment technology preferences, and consumer willingness to pay for real-time payments. This report is based on a Q2 2020 Aite Group and Visa Inc. survey of 16,452 U.S. consumers ages 18 or older, of which 2,199 had a debit card and made at least one transfer between accounts at different financial institutions in the 12-month period prior to the start of the COVID-19 pandemic.
This 64-page Impact Report contains 65 figures and eight tables. Clients of Aite Group’s Wealth Management or Retail Banking & Payments services can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Acorns, Ally, AIG, American Express, Ameriprise, Bank of America, Betterment, Charles Schwab, Chime, Citigroup, Discover, E-Trade, Edward Jones, Fidelity, Goldman Sachs, JPMorgan Chase, Marcus, Morgan Stanley, Moven, Robinhood, Stash, USAA, US Bank, and Wells Fargo.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Other Authors
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.