FinTech Issuers Admit to Complicating Money Transfers Between Accounts

The article «FinTech Issuers Admit to Making Moving Money In and Out of Accounts a Hassle,» written by PYMNTS on May 15, 2023 provided numerous insights for the fintech companies. The article highlights the concept of money mobility and its significance in the financial ecosystem. The study, conducted in collaboration with Ingo Money, includes surveys that explore consumer experiences with money mobility and FinTech executives’ perspectives on customer satisfaction.

According to the analysis, the Money Mobility Index measures the ease with which account issuers can attract and retain customers. The index score indicates the likelihood of customers using their accounts, with higher scores associated with issuers offering more instant payment methods. Instant payment options enable faster and smoother payments and deposits, thus enhancing the overall money mobility experience.

The study reveals a discrepancy between the ease of sending and receiving funds. Account holders surveyed were 51% more likely to encounter issues when receiving funds compared to paying them out. Additionally, 67% of FinTech issuers reported that their customers face problems when receiving funds, while only 45% reported issues when sending funds.

The research emphasizes that the availability of multiple instant payment methods distinguishes top-performing issuers from others. Issuers offering six or more instant payment methods, whether for money in or money out, achieved an average Index score of 59.5. In contrast, issuers with three to five methods scored an average of 52.3, and those with two or fewer methods scored just 50.6.

The conclusion drawn from the study underscores the need for FinTech issuers, like Whillet, to streamline their operations and eliminate frictions that frustrate consumers during money-in transactions. It also stresses the importance of ensuring secure and frictionless experiences for customers to expand their customer base.

Overall, the article highlights the challenges and opportunities surrounding money mobility in the financial industry, providing valuable insights for Whillet and other fintech companies striving to enhance their customers’ money management experience.