- Fourth annual Financial Services Industry survey results available now for complimentary download
- Top factors cited as critical for success are growing member base and customer retention
- Majority of financial institutions now offer choice of payment options; finds continued demand for web, mobile and text payment technologies
Phoenix, Ariz. – August 24, 2018 BillingTree®, the leading payment technology provider, today announced the key findings of its 2018 Financial Services Operations and Technology Survey. The results from participants at small to large credit unions, banks and auto financiers show continued plans to adopt mobile and automated payment technologies, including payment via mobile apps, text, and interactive voice response (IVR).
The report conducted in Q2 2018 found Credit/Debit Card payment acceptance via online portal and automated forms was the most common practice offered at over 60% of institutions. Utilization of Interactive Voice Response (IVR) saw a significant increase jumping to 45% compared with 25% in the past.
Planned adoption of new technology and practices saw online portal and mobile both tied at around 35% each, with text alerts and payments near 20%. A full 90% of those surveyed currently don’t use a convenience fee model to offset payment processing costs and merely 20% were considering this practice in the future.
Growing the base of members/customers and member/customer retention were the two top factors respondents cited as critical to growth and profitability for financial services organizations in 2018, consistent with prior surveys. This year, cost reduction gave up a third-place ranking to new technologies enhancing payment collection effectiveness, followed by software integrations to enable automatic posting. This rise in the rank of technology and integrations suggests that financial service organizations regard technology as a more important component in their overall business strategy than in prior years.
“This is the fourth Financial Services Industry survey commissioned by BillingTree capturing trends and revealing that most financial institutions continue to trust and adopt integrated payment technology and services,” said BillingTree’s Vice President of Sales and Business Development, Jason Hiland. “Mobile, text and online payments are now expected by consumers/members and offering each channel supports the Financial Institution’s top concerns, consumer/member retention and growth.”
To request a complimentary copy of the 2018 Financial Services Operations and Technology Survey results, Click Here.
BillingTree® is the leading provider of integrated payments solutions to the Healthcare, ARM, Property Management, B2B, and Financial Services industry verticals. Through its technology-enabled suite of products and services, BillingTree enables organizations to increase efficiency and decrease the costs of payment processing while adhering to compliance regulations. Leveraging more than a decade of market experience, BillingTree is dedicated to growing payments with technology through an integrated omni-channel offering, suite of proprietary products and value-added services, and a company-wide focus on delivering extraordinary customer service.