Real-time payments have exploded: get into the game or get left behind
Modern customers are more demanding than ever. Generations raised on digital and mobile technologies expect speed, choice and customization in nearly everything – including their money.
To succeed, companies cannot simply meet customer expectations, they must exceed them. This is especially true when it comes to the $9 trillion in annual B2C payments disbursed for loan proceeds, insurance payouts, gig economy work, and more. A recent study by Aite Group found that 65% of customers said it’s important for these payments to be made instantly. That number soars to 86% for small businesses.
Consumers have clearly defined their preferences for instant payments. Beyond speed, they want safe-to-spend funds deposited into the account of their choosing. The recent Disbursement Satisfaction Index published by PYMNTS.com found that 73% of consumers want this choice in where to receive their disbursements –including debit, credit and prepaid cards, online wallets, and more.
This is forcing companies to completely rethink the traditional methods of making disbursements, but… Forrester Consulting found that 93% of companies still fail to deliver on these expectations by using outdated payment methods like paper checks and ACH. These organizations not only lose out on the customer satisfaction and bottom line revenue gains available using real-time payments, they risk being leapfrogged by competitors.
Forrester said financial executives must embrace instant payments to better grow, serve and retain customers. The question, of course, is how.
Insurers present one of the clearest and most compelling connections between customer demand for instant payments and business benefits. JD Power highlighted this link between policyholder payments satisfaction and loyalty with 58% of claimants saying slow claims payments are a reason to shop for a new carrier. One large carrier that adopted speedier, next-day payments last year has grown new customer acquisition and profit by 30% after advertising the option. Further, JD Power found that 85% of delighted claimants both renew policies with insurers and positively recommend their insurer to others.
Uniquely, banks face pressure for instant money services from consumer, corporate and treasury clients. Banking executives believe the ability to deliver on these demands for speed, choice and customization will be a key distinguishing factor among the top financial institutions of tomorrow. However, this exploding preference for instant payments is outpacing the ability of most banks to keep up.
Join Meet the Boss, Ingo Money and a select group of finance and innovation leaders at this unique event to explore the consumer trends and technologies driving this dramatic shift. We’ll be challenging how company leaders shape their technology agenda to meet these new demands, discussing real world case studies of premier brands using instant payments to win, service and retain customers, and taking a deep dive into new revenue-earning opportunities from instant payments.
6:00 – 6:30 pm – Welcome Drinks Reception
6:30 – 6:40 pm – Introduction from Master of Ceremonies
6:40 – 7:00 pm – Panel Discussion
7:00 – 9:00 pm – Three-course dinner complemented with table discussion points
9:00 – 9:30 pm – Wrap up and closing remarks from Ingo Money
- How are consumer expectations shaping your digital strategy and transformation, including payments?
- How can you leverage real time payments as a competitive advantage (customer acquisition, customer retention, lower costs, add new lines of revenue)?
- Who has made the jump to real time payments, and what has that done for their business?
Karen Webster, CEO, Market Platform Dynamics
Karen Webster is one of the world’s leading experts on emerging payments and a strategic advisor to CEOs and Boards of multinational players in the payments and commerce space. As the CEO of Market Platform Dynamics, she works extensively with the most innovative players in the payments, financial services, mobile, B2B, digital media and technology sectors to identify, ignite and monetize innovation. Karen also serves on the boards of a number of emerging companies, helping innovators develop and implement business strategies that drive market adoption for their products and services. Karen is also an entrepreneur herself, who has successfully founded and launched several new ventures in the loyalty, on-line media, and social networking sectors, including PYMNTS.com.
About Ingo Money
Ingo Money is the instant money company. Founded in 2001 with a mission to digitize the paper check, our push payments technology enables businesses and banks to disburse instant, safe-to-spend funds to more than four billion consumer debit, prepaid, credit, private label credit and mobile wallet accounts. This transformation of traditional payments helps businesses reduce cost and delays while dramatically improving the consumer experience. Headquartered in Atlanta, you can learn more at biz.ingomoney.com, or follow us on LinkedIn and Twitter.