Using instant payment methods can streamline the payment process and improve overall customer satisfaction, making consumers 11% more satisfied and nearly double their likelihood to remain as clients when instant payments are free.
A PYMNTS Intelligence research study in collaboration with Ingo Money found that issuers with many instant payment methods available earned higher customer satisfaction scores. In other words, greater money mobility, and thus a less friction-laden experience, translates into higher customer satisfaction.
According to the study, issuers offering six or more instant payment methods, either for money in or money out, recorded an average Customer Satisfaction Index score of 59.5 out of 100. Meanwhile, issuers with a mid-range number of three to five instant payment methods, either for money in or money out, earn an average Index score of 52.3, while issuers that only offer two or fewer instant methods earned an average score of just 50.6.
Top performers excel in customer satisfaction because they offer a wider variety of payment options. These top-tier issuers, on average, extend around seven payment options for both incoming and outgoing transactions. In contrast, lower-performing counterparts offer a more limited selection, providing only four options for incoming transactions and five for outgoing ones.
The “2023 Money Mobility Index” (MMI) is a PYMNTS and Ingo Money collaboration study that investigates how satisfied customers are with the money movement capabilities non-bank institutions provide. The index measures issuers’ ease of signing and retaining customers. It calculates a unique MMI score for each issuer based on the range and types of payment options they provide. The higher the MMI, the higher the chance an issuer has of earning new customers, and providing those customers with the money mobility experiences they expect.