FinTechs’ Mismatched Priorities: Customers Demand Faster Payments and More Choice

In today’s digital-centric economy, the rapid movement of money has become an essential demand for financial service providers. This is particularly crucial for emerging FinTech companies striving to lure customers away from traditional banks. However, a recent collaborative report titled «Issuers Report 2023: FinTechs’ Instant Payment Mismatch,» produced by PYMNTS in partnership with Ingo Money, suggests a misalignment between what FinTech issuers believe customers value and what customers genuinely prioritize when using a FinTech account.

To compile this report, PYMNTS Intelligence conducted surveys involving nearly 2,300 consumers and 150 FinTech issuers, providing an insightful snapshot of the current state of services offered by FinTechs in the United States. It explored the services issuers provide and assessed customer satisfaction with the financial mobility features these providers offer.

In contrast to popular belief, the report uncovered that convenience and customer experience are not the primary factors motivating customers to embrace FinTech accounts. Only 20% of consumers cited convenience as their most important reason for using a FinTech account, while a mere 4.8% mentioned customer experience. This disconnect between FinTech issuers and their account holders regarding the features customers genuinely find important emphasizes the necessity for issuers to realign their offerings with customer preferences.

The key takeaway from this report is that FinTech providers can establish greater trust and satisfaction among their customers by prioritizing the availability of multiple payment options and ensuring speedy transactions. In a world where financial convenience is king, understanding and meeting the genuine needs of customers is the path to success in the FinTech industry.