Market Overview

Fiserv Consumer Payments Research: Constantly Connected Online, Greater Adoption, Engagement Hinges on Education


Expectations & Experiences survey shows opportunity to increase
digital trust and awareness of payment services and mobile banking

As consumers have embraced online and mobile methods to pay bills and
keep track of finances, quarterly research from Fiserv,
(NASDAQ:FISV), a leading global provider of financial services
technology solutions, reveals opportunities for organizations to
increase customer knowledge of services and security to improve the
financial experience.

Similar to last year, insights from Expectations & Experiences: Consumer
Payments, the latest consumer survey from Fiserv, show the majority of
consumers (59 percent) paid bills online in the past 30 days. Yet,
steady use of payment services may be driven by convenience rather than
comfort, with nearly half who are involved in managing bills expressing
concerns about security. At the same time, interest in new features and
functionality is growing, but nearly half of consumers are confused by
the different financial products and services available today.

"Consumers are continually raising the bar for what they need and expect
when it comes to moving and managing their money, and these results
reinforce that payments are more than a transaction and central to the
brand experience," said Devin McGranahan, senior group
president, Fiserv. "Even as consumer preferences evolve and new
innovations gain traction, consistency and execution remain the
hallmarks of billing and payments strategy. Billers and financial
institutions can meet their customers where they are with intelligent
payments experiences that drive relationships and satisfaction."

Always Connected, Insecure About Security

About half of consumers (53 percent) agree they like to be connected to
the internet at all times, yet an equal number (53 percent) say they
strongly distrust internet security or privacy. Generally, concern over
security is a commonly cited factor hindering digital financial services
adoption, and an opportunity for financial services to both remind and
educate consumers about security steps and best practices.

For instance, half of consumers involved in bill management report
overall concerns related to paying bills, a number that rises to 64
percent for early millennials (ages 18-26). Among those consumers
involved in bill management, 30 percent reported increased concern with
paying bills online due to security.

Among those who have not used mobile banking in the past 30 days,
security remains the top concern (57 percent), and is also a factor in
why some consumers have not used person-to-person (P2P) payments through
a financial institution. In contrast, concern about online security and
protecting personal information (24 percent) ranked third behind
preference for other payments methods (44 percent) and unwillingness to
pay a fee (38 percent) as reasons for not using P2P payments.

Interestingly, mail is viewed as a more secure way to receive bills than
other methods among just over half of consumers involved in bill
management (52 percent), while websites (33 percent) are the next most
reported method as more secure compared to other methods for paying
bills. This suggests the continued importance of a multi-channel
strategy that gives consumers choices for how and when they receive and
pay their bills to build trust.

Payments Usage Steady, Engagement Increases

Consumers report using more mature services such as online bill pay (59
percent) and electronic bills (53 percent), followed by relatively newer
services like mobile bill pay (27 percent), P2P through a financial
institution (17 percent) and digital wallets (15 percent).

Active online and mobile payments service usage, measured by use of the
service in the past 30 days, remained steady year-over-year. However,
current users report increased use over the past year across digital
wallets (53 percent), mobile bill pay (48 percent), financial
institution-based P2P service (44 percent), and electronic bills (32

Address Confusion to Increase Adoption

Signaling an opportunity to increase broader awareness and adoption,
some consumers expressed confusion about available financial services
usage. Nearly half (46 percent) said they were confused about the
various products and services available today. One in three (33 percent)
consumers said there are mobile banking features they would like to use,
but don't know how.

Conducted online by The Harris Poll on behalf of Fiserv, Expectations &
Experiences is one of the longest-running research studies of its kind
and builds on years of consumer survey data. Results are available at

In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at


The Expectations & Experiences: Consumer Payments survey was conducted
online within the United States by Harris Poll between November 27 –
December 21, 2017. A total of 3,114 interviews were conducted among U.S.
adults ages 18 and older who met the following criteria: Someone in
household currently has a checking account with a bank, credit union,
brokerage firm or other financial organization and they used a checking
account to pay a bill or make a purchase in the past 30 days. The data
were weighted to ensure that relevant demographic characteristics of the
sample matched those of the U.S. General Population.

About Fiserv

Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE® 500
and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. For more
information, visit


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