75 Percent of Financial Institutions (FIs) Concerned About Customer Attrition Due to Limited Payment Choices

55 percent of FIs expect an enhanced customer experience as an ROI on payments investment, according to new report from ACI Worldwide and Ovum

NAPLES, Fla.--()--Executives at Financial Institutions overwhelmingly believe that the customer experience is paramount to the future success of their organizations, according to a new Global Payments Insight Study, conducted by ACI Worldwide (NASDAQ: ACIW) and leading market research and advisory firm Ovum.

The shift in consumer expectations and increased competition from new market entrants are underpinned by the growing importance of the customer and the centrality of enabling an enhanced experience. As such, FIs must invest in their payments capabilities.

Principle findings of this study include:

  • 75 percent of respondents believe consumers want a broader choice of payment tools
  • 55 percent cite that an enhanced customer experience is their key expected ROI on any increase to their payments investment, significantly higher than:
    • Gaining competitive advantage (41%)
    • Reducing business costs (40%)
    • Introducing new payment services/tools (38%)
  • 76 percent believe their payment services face growing competition (from new, smaller and more nimble players)
  • 60 percent of retailers report their payments provider does not offer the variety of services required to satisfy customer demand
  • More than 50 percent (53%) believe the need for security remains the biggest impediment to payments innovation compared to:
    • 41 percent who cite the high cost of maintaining their existing legacy systems
    • 37 percent who cite customer protection requirements

For additional insight and to download a complimentary copy of this report, please click here or visit: http://www.aciworldwide.com/campaign/2015/paymentsinsight/fi

Survey Methodology

This digital survey was conducted online to key payment decision makers globally in the fourth quarter of 2014, providing a snapshot of payment perceptions among financial institutions, scheduled billing and payment taking organizations such as higher education, consumer finance and insurance, and merchant retailers.

Overall, this included a total 1,119 executive respondents across 15 industry sub verticals in 25 key global markets, resulting in over 144,000 separate data points on perceptions and expectations of payments among critical Financial Institutions globally.

About ACI Worldwide

ACI Worldwide, the Universal Payments company, powers electronic payments and banking for more than 5,600 financial institutions, retailers, billers and processors around the world. ACI software processes $13 trillion each day in payments and securities transactions for more than 300 of the leading global retailers, and 21 of the world’s 25 largest banks. Through our comprehensive suite of software products and hosted services, we deliver a broad range of solutions for payment processing; card and merchant management; online banking; mobile, branch and voice banking; fraud detection; trade finance; and electronic bill presentment and payment. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.

© Copyright ACI Worldwide, Inc. 2015.

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ACI Worldwide
Dan Ring, 781-370-3600

Release Summary

75% of Financial Institutions (FIs) concerned about customer attrition due to limited payment choices, according to new report from ACI Worldwide (ACIW) and Ovum.


ACI Worldwide
Dan Ring, 781-370-3600