Whether its receiving loans from their financial institutions (FIs), getting rebates from merchants or receiving on-demand payments, consumers want more options in how they receive their disbursements.
A growing share now prefer push payments into their bank accounts, and more direct-to-bank payments, according to the findings of the latest Disbursement Satisfaction Index™, which surveyed 2,000 American consumers. Meanwhile, fewer want to be paid via paper checks, as they grow used to speedier methods of financial transactions.
When it comes to receiving disbursements, there is a growing gap between what consumers want and what they get, the Index highlighted. In 2018, 42.7 percent of customers received funds by direct deposit, but 46.7 percent would choose to be paid that way, if given the choice.
As consumers look for greater convenience in receiving disbursements, they are increasingly preferring different methods, depending on how and when they’re being paid. For instance, gig workers for platforms like Uber and Lyft are more likely to prefer instant payments than other consumers — in general, consumers who are aware of instant payments are more likely to ask for them.
This Index gauges over 7,000 data points, and delivers the details on what disbursers need to know to deliver the payment experiences their customers want.
Key Findings from the March Index
- 46.7 percent of customers want to receive their funds by direct deposit into their bank accounts
- 72.9 percent of customers think it’s “extremely” or “very” important to have a choice in how they receive disbursements
- 15.3 million customers received disbursements via gift cards, none of whom chose that method
While consumers are clamoring for options, that doesn’t mean they all want the next new thing. On-demand methods of disbursement, like instant payments, are certainly growing in popularity, but not all customers are necessarily aware of them — although those who are might be more comfortable using them.
The Deep Dive analyzes the satisfaction with on-demand payments, merchant rebates and loan disbursements, as well as how comfortable customers are with each of the three disbursement types. To learn more about customer comfort and its effect on disbursement innovation, visit the Index’s Deep Dive.
About the Index
The Disbursement Satisfaction Index™, in collaboration with Ingo Money, is designed to measure consumer satisfaction with various disbursement methods, including paper checks, instant credit, non-instant credit and direct deposits. The Index offers a microscopic look at the state of consumers’ satisfaction with how they receive disbursements.