In a recent study, it was discovered that about 70 percent of consumers, across all generations, are more willing to trust banks that are current with technology. When only factoring for millennials, this number jumps to 85 percent. Conversely, 80 percent, of those surveyed, said they valued people over technology. This means that they appreciate a human touch when it comes to customer service.
The Downfall Of The Paper Check
In October 2015, the U.S. Bank survey polled more than 1,000 adults age 18 and older in the United States to better understand consumer attitudes and behaviors toward emerging banking technologies.
The paper check is slowly becoming a relic. The study found that 29 percent of millennials have never written personal checks. Compare this with just 16 percent of Gen X and 13 percent of Baby Boomers. Even geographic data can be a factor. When it comes to personal checks, 21 percent of West Coast residents have never written one, compared to 15% on the East Coast.
The Rise Of Digital Payments
What is surprising is that almost two-thirds (63 percent) of Americans believe they’ll never make all of their financial transactions digitally. This is because 80 percent of consumers surveyed fear lousy customer service from banks that “go completely digital.” Ten percent of baby boomers said they bank with a banker they trust. With millennials, this number goes up to 19 percent.
The Challenge Of Accepting Various Payments
“Consumers are challenging the industry to meet them where they are, and that requires a mastery of the delicate balance between convenience, security, and personalized engagement,” said Dominic Venturo, chief innovation officer at U.S. Bank, and innovation coach. “That is why we don’t innovate for the sake of innovation; our products are developed with the sole intention of fulfilling a customer need. We know that consumers are not looking for technology to replace bankers, but to add convenience and security.”
Want To Automate Your Billing Process?
At IVR Technology Group, we understand this. Our phone payment solution, Compass Pay, automates your billing process and accepts immediate payments over the phone. Payments can be made 24/7 — even if your business is closed. Our custom IVR solutions allow the customer to request a transferred to a live attendant after the completion of electronic payment.