Propelled by the pandemic, financial institutions have already risen to the challenge of meeting evolving consumer preferences for digital transactions and experiences. Next, we’ll see a push for more of these digital transactions to happen in real time.
Many financial institutions have made their first forays into real-time payments via P2P payments, and the popularity of P2P networks such as Zelle continues to grow. This is one of the fastest-moving areas in the payments industry. According to a recent
However, as more financial institutions integrate real-time P2P offerings, it can also open the door for real-time fraud. 2021 will require real-time payments technology to be paired with real-time security measures that offer sophisticated detection, combining the benefits of automation and machine learning with human support.
The need for speed is increasingly in demand for account-to-account transfers. Consumers have become comfortable with making digital and mobile transfers between internal and external bank accounts. They want their money to move quickly from a savings account to a checking account or a third-party brokerage account, for example, even if those accounts are at different institutions.
When it comes to bill payment, the future is all about delivering guidance and insights in real time. Intelligent bill pay will include functionality such as real-time alerts and notifications that can provide consumers with visibility into payment due dates and then allow them to take action immediately. When the consumer responds to an alert with “pay now,” a real-time confirmation is delivered – offering convenience, confirmation and confidence that the payment was made.
Consumers are looking for this level of proactive and personalized interaction that enriches the experience. As we look to 2021 and beyond, smarter bill pay will help position financial institutions as trusted advisors for their customers and members in a way that we haven’t seen yet, with real-time functionality playing an important role.
