2020 Expectations & Experiences: Consumer Payments

Consumers want seamless, on-demand financial services experiences – and more people than ever are turning to digital payments options to get them. According to the latest Expectations & Experiences consumer trends survey from Fiserv, the drive to digital is showing no signs of slowing down. The data from this survey was collected in the fourth quarter of 2019 and does not reflect consumer habits in a time of social distancing.

Mobile banking and payments are up significantly

For the first time, a majority say they use mobile banking. Meanwhile, use of payments options like mobile bill pay and digital wallets have risen sharply.

Survey question to all respondents: In the past 30 days, approximately how many times have you or your household used the following? You should count each automatic or recurring payment as a single use of the respective service. If you did not use the service, please enter a zero. Not all responses shown. 

Use of financial organizations' P2P options grows dramatically 

Convenience and the opportunity to save time are driving increased use of financial organizations' person-to-person (P2P) payments services. Younger consumers are far more likely to use the service, but use is up across all age groups.

Survey question to all respondents: In the past 30 days, approximately how many times have you or your household used the following? Count each automatic or recurring payment as a single use.

Confidence in security of digital options grows

Compared to last year, significantly more consumers say specific digital channels are "very secure." There's still room for improvement, but the increased confidence is promising.

Survey question to all respondents: How unsafe or secure do you feel are each of the following methods for paying another person? / Survey question to all respondents involved in bill management: Thinking about paying bills, which of the following methods do you believe are very secure? Select all that apply.

ACH payments are way up, automatic payments now the norm

In a typical month, consumers say cash and check use is down, while direct debit (ACH) payments are up significantly. Consumers of all ages are also likely to use automatic/recurring payments – further indications of their expectations for speed and convenience.

Survey question to all respondents involved in bill pay management: Do you currently pay any bills using automatic/recurring payments? / Survey question to all respondents: Please estimate how many times you paid household bills by each of the following methods last month.

Highlights of the key findings are available for download. 

In-depth insights are available to Fiserv clients through the Boardroom Series.

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About Expectations & Experiences

Conducted by The Harris Poll on behalf of Fiserv, Expectations & Experiences is one of the longest running surveys of its kind and builds on years of longitudinal consumer survey data. The survey provides insight into people's financial attitudes and needs, enabling organizations to design and drive adoption of services that improve consumer financial health, loyalty and satisfaction.