Findings from a survey conducted by the software company Entrust maintain domestic consumers expect payment experiences that include seamless self-service capabilities, flexible payment options, and accelerated e-commerce checkout.
“This survey reinforces that consumers have come to expect more integrated payment and banking experiences and the need for a digital-first, not digital-only approach,” Entrust Instant Issuance Senior Vice President and General Manager Tony Ball said regarding the survey of 1,000 retail shoppers. “People want the flexibility to choose how they interact with their banks and how they make payments. Enabling simplified and seamless digital card controls while also providing a variety of ways to make payments increases the likelihood of a bank’s card becoming top-of-wallet.”
According to the survey, more than half of respondents indicated they choose to engage with their bank or credit union via a mobile application rather than at a branch or via the bank’s website; 85 percent of survey participants respondents preferred to use a card for in-person and online transactions providing the ability for digital self-service and card controls; and 90 percent of respondents saw the ease of account opening as an important factor when choosing a bank or credit union.
Additionally, Entrust reported survey participants acknowledged preferring digital cards for e-commerce transactions while opting for physical tap-to-pay cards for in-person payments, and 53 percent of respondents preferred to either use the stored card on file or use an expedited checkout button for an easier checkout experience.
“It’s clear that consumers are looking for intuitive payment options that get them what they need when and how they want it,” Entrust Product Marketing Director – Payment Andy Cease said.