When it comes to managing finances, people usually want the convenience of digital tools for most aspects of banking and budgeting. But not all the time. For some money matters, consumers still feel more comfortable with manual processes and in-person experiences.
In the latest Money Mobility Tracker® by PYMNTS, 71% of respondents said they would be just fine with opening a new credit card account online, and 62% said they were comfortable going online to open a checking or savings account.
But when it came to the less familiar buy now, pay later (BNPL) account, only 23% said they would feel at ease going online to open a new account.
Overall, however, digital is where it’s at for many people when it comes to banking tools, with 39% of consumers stating they rely on mobile budgeting apps to keep track of their finances. Mobile check deposit is a tool that 35% of consumers said is the most valuable feature of their bank’s app.
Although paper checks are far from being obsolete, their decrease in disbursements relative to all disbursements went down 50% between 2020 and 2021. Plus, everyone wants to get paid faster, if not instantly — not just workers, but small and medium-sized businesses (SMBs).
As workers struggle with ongoing economic pressures, 76% of respondents in a survey of hotel and food staffers said they would consider changing jobs if another employer paid more frequently. Of all surveyed workers, 51% said the same thing. Inflation is another worrying factor, with 62% of respondents concerned their wage increases will trail the cost of living.
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SMBs collectively spend $28 billion trying to get paid on time or early by offering discounts and other incentives. Regardless, one-third of the payments are still late. Another third are paid on time to get some discounts.
The Money Mobility Tracker®, a PYMNTS and Ingo Money collaboration, takes a look at what’s driving the latest trends shaping the money-in side of the Money Mobility space. Download it here.
