Why it pays to address consumers’ concerns about bill pay security

Consumers want to move money quickly and easily, but they also have clear ideas about security. Financial organizations and billers that are able to check all the boxes – convenience, speed and security – position their organizations to deepen relationships with today’s consumers.

The bottom line? People expect intelligent payments experiences. They want to pay bills in different ways through different channels and know their money is safe. Expectations & Experiences: Consumer Payments, the most recent quarterly consumer trends survey from Fiserv, found payments security remains a serious concern and, at times, a barrier to adoption.

Paying bills elicits more security concerns than receiving them; 50 percent of those who manage bills are more likely to be concerned with the security associated with paying bills, compared to 38 percent who are worried about receiving them. Thirty percent say their concern about the security of paying bills has increased over the past year.

 

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