Author: John Minor
As 2018 comes to an end, new technology and deeper market knowledge bring more opportunities than ever for lenders to stay on top of regulations changes and better position themselves for the upcoming year. If you are a lender looking to revamp your services, stay updated on this five-part series on top lending trends to watch for in 2019. In this third installment, lenders can learn about capturing more customers through richer user experiences with expanded payment options and mobile-first payment platforms.
One of the fastest growing trends is providing a richer user experience with expanded payment options and mobile-first payment platforms, which allow customers to access their accounts how they want, and from wherever they want. Omni channel delivery systems with multiple payment options allows every customer to personalize their individual payment experiences. Providing a mobile-first experience is extremely advantageous, as according to the Federal Reserve’s study on Consumers and Mobile Financial Services, 87% of adults in the U.S. have a mobile phone.
Another recent article published in The Financial Brand reported 61% of banks listed “removing friction from the process and providing more payment options in order to capture more Millennials” as a priority for 2018 and beyond.
Providing a mobile-only payment experience reduces friction in the payment process and provides more user engagement with text or email message payment reminders, resulting in more on-time payments.
Additionally, the millennial market is now growing into adulthood; therefore, their buying power and impact is rapidly increasing as well, spending roughly $600 billion each year according to an article by Accenture. By prioritizing user experience and expanding payment options, customers will be able to pay anywhere, anytime.
Learn more about how providing richer users experiences using mobile-first payment platforms can help lenders and their customers. View the on-demand webinar.