The October 2021 study The Digital Now: Meeting your customers’ payments expectations asked thousands of consumers what they liked, disliked and expected of the best payment experiences in the market.
And, the results provide FinTechs and traditional businesses alike with an invaluable insight as to how they can meet their customers' payment expectations in this, the Digital Now.
The survey shows that older demographics have broken free of the digitally dismissive stereotype and the results uncovered many overarching, intergenerational behaviours and expectations. And who has closed the generation gap? Look no further than the Boomers, those born between 1946 and 1964.
Over two thirds (65%) of over 65s are now open to using new financial services or payment methods that make it quicker and more convenient for them.
Nearly three-quarters (74%) of over 65s say they use bank transfer and payment apps to make instant payments to friends and family. Only marginally behind 25 to 44 year olds, 87% of whom use this payment method.
Some 93% of over 65s say they now use contactless payments in stores with debit and credit cards.
One in five over 65s expects Britain to be a cashless society in 5 years. With 71% withdrawing much less cash now than they did a year ago.
And, it’s the 65+ cohort that is now most likely to expect digital payments to be instant and convenient. They are also the demographic who most felt that outdated and inefficient payment processes undermined their experience as a customer. And they most strongly agreed that there’s no excuse for online brands to have outdated, inefficient payment processes.
In short, they are the generation that no business can afford to ignore.
Vishaal Vadher, Product Owner at Revolut comments on the findings, “The pandemic has accelerated the adoption of behaviours that were already gaining traction. The fact is that customers’ behaviour isn’t changing, it’s already changed. The digital consumer is already here and we’re not just talking about millennials & Gen Z. Modulr’s research proves that a truly digital financial experience is not just a trend for the future, but a requirement for survival now.“
Myles Stephenson, Founder & CEO of Modulr commented, “This is a big opportunity for FinTechs. To grasp it fully they need to know where to focus their energy. On the surface, this means providing the best digital experience, but they need to make sure their payments plumbing can support their ambitions. Only those FinTechs that create - and brands that adopt - an instant, convenient and trusted customer experience that resonates with all ages, will succeed in the instant economy.”
Find out more by downloading The Digital Now: Meeting your customers' payment expectations. This invaluable eBook will help you to navigate the landscape of the Digital Now. It’ll tell you what we know now about the digitally demanding audience, who they really are, what they really want and how to attract and keep them. It will also explore the very different obstacles and opportunities that the Digital Now offers to both challenger companies and more traditional, incumbent organisations. And give you the recommendations you need to please your digitally demanding customers, today.