Members want their money to move as quickly as they do

Living life in the fast lane means people want to access their money – and information about it – as quickly as possible. “Real time” is an often used industry phrase to describe faster money movement and management but what exactly does it mean to consumers?

When it comes to financial transactions, 69 percent of households define real time as immediately or within a few seconds, according to the household finances module of Expectations & Experiences, the Fiserv quarterly consumer trends survey conducted by Harris Poll among more than 3,000 U.S. banking consumers. Just 11 percent of households surveyed equate real time with same-day results. And there are generational differences. Fifty-three percent of Generation X say real time means immediately, while 29 percent of seniors define real time as same day.

“Consumer expectations for speed are being reset by broadband technology experiences, and people don’t understand why moving money should be any different than streaming on Netflix,” said Matt Wilcox, senior vice president, Marketing Strategy and Innovation, Fiserv. “People expect options for real-time money movement – for funds to be credited immediately. Their patience for anything less is approaching zero.”

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