- BillingTree’s third annual Financial Services Industry survey reveals increased demand for mobile and automated payment technologies
- Two thirds of respondents plan to adopt a new payment technology in 2018 – steep rise from 14 percent last year
- Majority of financial institutions now offer choice of payment options
Phoenix, Ariz. – October 24, 2017 BillingTree®, the leading payment technology provider, today announced the key findings of its 2017 Financial Services Operations and Technology Survey. The results from participants at small to large credit unions, banks and auto financiers, show an increase in the number of businesses planning to adopt mobile and automated payment technologies, including payment via mobile apps, text, and interactive voice response (IVR).
The report conducted in Q3 2017 found Credit/Debit Card payment acceptance via Mobile App was the most sought-after technology, closely followed by Credit/Debit payment via text and automated phone/IVR credit. Over two thirds of businesses plan to adopt new payment technologies within the next year to help increase revenue and growth.
A majority of respondents stated they now offer a broader range of payment options, with more than half offering web portals, automated phone IVR and live agent payment support. This is in stark contrast to the previous year’s findings, where less than 14 percent of respondents said they provided all three.
“This is the third Financial Services survey BillingTree has commissioned capturing a current snapshot of the state of the industry. This year’s trends show growth-oriented financial services organizations are increasingly adopting payment automation and technology-enhanced services – including mobile – to gain market share while continuing to cut costs and increase profits,” said BillingTree’s Financial Services Specialist, Kristie Wnuk. “As this trend continues, the adoption of automated payment technology will quickly evolve from a competitive advantage to industry standard.”
To request a complimentary copy of the 2017 Financial Services Operations and Technology Survey results, visit: https://start.mybillingtree.com/acton/media/15831/2017-financial-services-survey-report-2
BillingTree® is the leading provider of integrated payments solutions to the healthcare, ARM, property management 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.