LUXURY TRAVEL
Payment Methods

Inside The September 2019 Report

  • 13.6 percent of luxury vacation consumers are adventure travelers who enjoy activities like heli-skiing, mountaineering, taking charter flights, riding in helicopters or exploring exotic places like Machu Picchu.
  • 50.7 percent of survey respondents pointed to luxury vacations’ costs as a key factor derailing their abilities to pursue such trips.
  • 59.7 percent of adventure vacation travelers and 56.7 percent of luxury vacation travelers said they would take more trips if they had access to innovative payment solutions that enabled multiple participants to contribute funds, make recurring payments or track payments, among other features.

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INNOVATION READINESS
Innovation

Inside The September 2019 Report

  • 19.7 percent: Share of FIs that lack effective core processing and IT systems
  • 12.5 percent: Portion of bottom-performing FIs with both effective IT and core systems
  • 36.8 percent: Share of FIs lacking effective core processing and IT systems that view inflexible technology as an impediment

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PAYABLES FRICTION

Inside The September 2019 Report

  • 73.7 percent: Portion of firms processing more than 20,000 invoices per month that plan to implement invoice receipt innovations
  • 11.6 days: Average time it takes firms processing more than 20,000 invoices per month to process a single invoice
  • 34.7 percent: Share of firms that require their CEOs’ approval to pay invoices

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PAYMENTS AND THE PLATFORM ECONOMY

Inside The September 2019 Report

•    An interview with Kimberly Gianopoulos, director at the U.S. Government Accountability Office, on how online marketplaces can work with payment providers and public agencies to stop the sale of counterfeit goods •    Notable headlines, including why marketplaces like Amazon are struggling to remove fake sellers and counterfeit products from their platforms •    A case study on how luxury marketplace Vestiaire Collective works to vet products before they sell

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HOW WE WILL PAY

Inside The September 2019 Report

  • Shopping is no longer something people “go do” – it is integrated into most consumer’s everyday activities.
  • The home has become the consumer’s connected commerce command center.
  • Voice is connected commerce’s killer app. Voice plus visual is a connected commerce game-changer.

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SMB RECEIVABLES GAP
B2B Payments

Inside The September 2019 Report

  • 55.3%: Share of high-margin firms that believe extending credit helps build customer loyalty
  • 40.3 days: Average length of payment term established, high-margin firms extend to suppliers
  • 53.4%: Portion of low-margin firms that consider the time and complexity of administering trade credit a challenge

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CONSUMER-CENTRIC AUTHENTICATION STUDY
Authentication

Inside The September 2019 Report

  • 54.1 percent: Share of consumers who believe chances for fraud would decrease if they had more control over their mobile banking authentication requirements
  • 28.3 percent: Portion of consumers who would transact more via mobile banking apps if they were allows to authenticate specific transactions
  • 86.5 percent: Share of consumers who would like to add transaction-specific authentication methods to their digital banking experiences

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SIMPLIFYING CROSS-BORDER PAYMENTS
Cross-border Payments

Inside The September 2019 Report

  • €15,000: Maximum amount that can be transferred via the European Union’s Instant Credit Transfer service
  • 57: Number of real-time payments schemes operating worldwide in 2019
  • 3,500: Number of FIs that have committed to using SWIFT gpi worldwide

PAY ADVANCES
Gig Economy

Inside The August 2019 Report

  • 66.8 percent: Share of paycheck-to-paycheck gig workers who would consider switching to platforms that offer pay advances
  • 53.4 percent: Portion of paycheck-to-paycheck workers who would use pay advances to cover bills and expenses
  • 48.5 percent: Segment of paycheck-to-paycheck workers who believe pay advances would provide greater financial flexibility

PAYMENTS AND THE PLATFORM ECONOMY
Platform Payments

Inside The August 2019 Report

  • An interview with Lihi Pinto Fryman, co-founder and chief marketing officer of Syte, on the rising importance of visual AI in online retail
  • Notable headlines, including how Poshmark and StockX are working to recover from recent data breaches
  • A case study on online resale marketplace thredUp and its efforts to compete in the secondhand clothing market by using AI tools to personalize its services

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COMMERCE CONNECTED

Inside The August 2019 Report

•    80M: Approximate number of people who bought mobile game tickets in 2018 •    10: Number of states that have passed regulations surrounding online sports betting since 2018 •    90%: Share of sports bets that will be placed through online or mobile devices in the next decade

SUBSCRIPTION COMMERCE CONVERSION INDEX: THE EVOLVING SUBSCRIPTION MARKETPLACE
Subscription Commerce

Inside The August 2019 Report

  • 63.2: The average Index score of middle-performing subscription merchants in Q2 2019
  • 8 percent: The share of streaming service subscribers who plan to end their accounts within a year
  • 91.4: The highest individual merchant Index score measured in Q2 2019

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WHO ARE YOU? VERIFYING DIGITAL IDENTITY IN THE SHARING ECONOMY
Security & Fraud

Inside The August 2019 Report

  • 24.3 percent: Share of consumers are asked to submit their identification online when signing up for new ridesharing platforms
  • 19.5: Portion of sharing economy platform users are asked to verify their digital identities by providing identification at physical locations
  • 21.7 percent: Share of homesharing platform users are asked to verify their identities by providing identification at physical locations

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WHICH APPS DO THEY WANT?

Inside The August 2019 Report

  • 53 percent: Share of consumers who use mobile apps while shopping in store
  • 12 percent: Portion of consumers who pay in store via mobile app
  • 51.8 percent: Share of consumers who are interested in downloading the Amazon app

INNOVATION READINESS
Innovation

Inside The July 2019 Report

  • 57 percent of FIs plan to focus on payment technology over the next three years.
  • 80 percent of top-performing FIs will focus on data analytics.
  • 62.5 percent of bottom-performing FIs will concentrate on user experience.

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TUITION PAYMENTS
Payment Methods

Inside The July 2019 Report

• 50.5%: Share of supporters who rely on employment income to pay for tuition • 31.7%: Portion of students who work part-time and say it is “somewhat” or “very” hard to pay for tuition • 54.2%: Share of students who are currently late on payments and find it “somewhat” or “very” easy to pay for tuition

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PAYABLES FRICTION

Inside The July 2019 Report

  • 69.5 percent: Share of firms that collect suppliers' credit information when onboarding them
  • 61.2 percent: Portion of firms that electronically review suppliers' financial performance histories
  • 26.3 percent: Share of firms that negotiate terms via both digital and non-digital channels

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CREDIT UNION INNOVATION PLAYBOOK: LOYALTY INNOVATION EDITION
Credit Unions

Inside The July 2019 Report

  • 80 percent: Portion of loyalty-focused CUs that also invest in anti-fraud protection
  • 33.3 percent: Share of loyalty-focused CUs that innovate to meet current members’ needs
  • 42.4 percent: Portion of CU members who want their CUs to focus on account fraud/theft protection

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PAYMENTS AND THE PLATFORM ECONOMY
Platform Payments

Inside The July 2019 Report

  • An interview with Brett Goldberg, CEO of online ticketing marketplace TickPick, on the growing need for instant payments and fee transparency in the online ticketing space
  • Notable headlines, including Google’s recent expansion of its partnership with PayPal for merchant payments
  • A case study on marketplace IfOnly and how it is competing in the growing experience economy

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PAY ADVANCES
Gig Economy

Inside The July 2019 Report

• $178 billion: Potential value of pay advance wages if access were easier • 56.8%: Share of workers in skilled segments who receive pay advances, compared to 36.6 percent of those in unskilled ones • 41.9%: Share of gig workers living paycheck to paycheck with money saved for emergencies • 41.5%: Portion of gig workers living paycheck to paycheck with savings who would use pay advances to pay their personal bills  

MOBILE CARD SERVICES
Mobile

Inside The July 2019 Report

  •  50.5 percent: Share of consumers who are unaware of mobile card services (MCS)
  • 67.8 percent: Portion of consumers who are interested in MCS and who would like to receive text alerts when their cards are used
  • 79.6 percent: Portion of MCS-interested respondents who are “very” or “extremely interested” in receiving alerts when cards shared with children are used

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SMB RECEIVABLES GAP
SMBs

Inside The July 2019 Report

  • 30.4 percent: Share of early-stage, low-margin firms that are required to pay their suppliers within 15 days
  • 9.4 percent: Share of intermediate, high-margin firms that must pay suppliers within 15 days
  • 43.8 percent: Portion of established, high-margin firms that cite being important customers as a reason they pay late
  • 46.3 percent: Share of established, high-margin firms that believe the trade credit terms they receive allow them to take on more business

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BUY BUTTON
ECommerce

Inside The July 2019 Report

  • 80 percent: Portion of electronics eCommerce sites supporting at least one buy button
  • $252.46: Average ticket price of purchases made on eCommerce sites offering the Amazon Pay buy button 
  • $3.1 Billion: Average annual revenue of eCommerce sites that supported no buy buttons in Q2 2018 but added at least one by Q2 2019

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PAYABLES FRICTION

Inside The July 2019 Report

  • 42.6 percent: Portion of firms that receive invoices via eInvoice solutions
  • 43.8 percent: Share of AP professionals who would like to implement automatic order matching
  • 11.1 percent: Portion of firms that pay suppliers using digital wallets

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INNOVATION READINESS
Innovation

Inside The July 2019 Report

  • 40.4 percent: Portion of small FIs that sought to be first to market with new products and features in 2018
  • 45.7 percent: Share of mid-sized FIs' budgets devoted to innovation in Q4 2018
  • 68 percent: Portion of large FIs that will focus on payment technology over the next three years

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SUBSCRIPTION COMMERCE CONVERSION INDEX - JUNE 2019
Subscription Commerce

Inside The June 2019 Report

  • 22.8 percent:Share of consumers who cited affordability as their reason for planning to cancel their subscription in the next year
  • $386.54: The average amount annually paid by online gaming subscribers who plan to terminate their services
  • 62.4 percent: Share of consumers who believe subscription companies offered plan changes — while only 45.5 percent of companies actually did so
  • 70.7 percent: Percentage of digital media consumers who plan to cancel their subscriptions within one year after just one month of service, compared to 52.5 percent of online gaming and 36.2 percent of streaming consumers

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PAYMENTS AND THE PLATFORM ECONOMY
Platform Payments

Inside The June 2019 Report

  • An interview with Martin Chikilian, vice president of talent operations for freelancing platform Toptal, on how the marketplace fosters trust between employers and remote workers
  • Notable headlines from around the space, including why Facebook is turning to blockchain technology for online marketplace payment innovations
  • A case study on freelancing marketplace Fiverr and the importance of listening to different communities’ needs

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HOW CONSUMERS PAY FOR ELECTIVE MEDICAL PROCEDURES
Healthcare

Inside The June 2019 Report

  • 9 percent: Share of consumers who considered elective care but opted out because they could not afford it
  • $18.4B: Potential revenue healthcare providers could gain by offering payment plans for cosmetic surgery
  • 9 percent: Portion of consumers who paid for at least one elective procedure in the past six months whose cost significantly applied to their deductible

PAYMENTS 2022

Inside The June 2019 Report

  • 62 percent: Share of platforms that consider cyber fraud while assessing the overall costs of fraud
  • 53 percent: Portion of platforms that plan to seek vendor assistance to enhance fraud detection and monitoring
  • 41 percent: Share of platforms that plan to increase the size of their fraud protection teams to support future growth

AI INNOVATION

Inside The June 2019 Report

  • 63.6 percent: Share of FIs that believe AI is an effective tool for stopping fraud before it happens
  • 80 percent: Portion of AI-using fraud specialists that believe the technology could reduce payments fraud
  • 63.9 percent: Share of fraud specialists that believe smart agents could reduce payments fraud

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CREDIT UNION INNOVATION PLAYBOOK: DATA ANALYTICS EDITION
Credit Unions

Inside The June 2019 Report

  • 55.6 percent of CUs that focused on data analytics said they were equally focused on developing new products and new features
  • 79.4 percent of CUs made AML-based initiatives their top investment focus over the previous three years
  • 39 percent of analytics-focused CUs based their innovations’ ROIs on whether they reduced existing products’ operating costs

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COMMERCE CONNECTED
Commerce Connected

Inside The May 2019 Report

  • 64 million: Number of connected cars that will be on the road by the end of 2019
  • 51 minutes: Average time American drivers spend in their cars per day
  • 25 percent: Portion of drivers who are already on their phones when pulling into drive-thru lanes

MAKING INSTANT PAY GLOBAL

Inside The May 2019 Report

  • Public utility firm PG&E on the challenges of accepting cash payments while innovating digital payments infrastructures
  • eCommerce platform SeatGeek on how Brexit is affecting its payments strategy and global expansion plans
  • Scooter rental platform Lime on the importance of localizing payments as it expands to new markets

PAYMENTS AND THE PLATFORM ECONOMY
Platform Payments

Inside The May 2019 Report

  • An interview with Brittany Johnson, co-founder and CEO of FashionPass, on how the clothing rental market is adapting to changing consumer behaviors
  • Notable headlines from around the space, including Marriott’s launch of an Airbnb-style platform for luxury homes
  • A case study on how travel site Kiwi.com is innovating its payments processes to meet customers' changing expectations

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REMOTE PAYMENTS
Mobile Commerce

Inside The May 2019 Report

  • 52.9 percent: Share of Bridge Millennials who made their last remote purchase via smartphone
  • 66.7 percent: Share of consumers earning more than $100,000 per year who spent $25 to $499 on their last remote purchase
  • 53.4: Share of consumers who paid using a debit card stored on their mobile wallet

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CROSS-BORDER GIG DISBURSEMENTS

Inside The May 2019 Report

  • 1.5 million: Expected shortfall of college workers available to fill jobs in the U.S. market by 2020
  • 38.4 percent: Share of U.S. gig workers pursuing ad hoc jobs for their flexibility
  • 84 percent: Portion of talent managers in Asia seeking gig workers to meet market conditions

MOBILE CARD SERVICES

Inside The May 2019 Report

  • 53.9 %: Portion of consumers that have not heard of location controls but are at least “somewhat” interested in using them
  • 17.4%: Share of consumers under age 35 who support financial dependents and are “extremely interested” in location controls
  • 29.9%: Portion of consumers that are "very" or "extremely" interested in location controls

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THE TRADE CREDIT DILEMMA
SMBs

Inside The May 2019 Report

  • 27.5 percent: Share of firms that frequently receive late payments that also pay their suppliers late
  • 32.3 percent: Portion of companies that say offering trade credit makes their daily operations difficult
  • 13.2 percent: Share of firms that regularly use immediate payment services

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INNOVATION READINESS

Inside The May 2019 Report

  • 86.7 percent: Share of top performing FIs that are investing in corporate credit product innovation
  • 53.6 percent: Share of FIs that prefer to observe market trends before quickly unveiling new corporate credit products
  • 80.2 percent: Portion of FIs that will focus on offering a mix of new corporate credit products and features

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RETAIL INNOVATION READINESS

Inside The May 2019 Report

  • 45 percent of consumer services firms consider innovation crucial to their survival
  • 26 percent of consumer services merchants are “very” or “extremely” interested in smart POS systems
  • 85 percent of small consumer services merchants believe intuitive functionality is a key quality for smart POS systems

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CHECKOUT CONVERSION INDEX
Checkout Conversion

Inside The May 2019 Report

  • 50.9: Average CCI score on a scale of zero to 100
  • 81: Average CCI score of the top 30 merchants
  • 2:29: Average time to complete an online checkout

PAYABLES FRICTION

Inside The April 2019 Report

  • 29.3 percent of all merchants reported index scores ranging from 50 to 60
  • Although 80.8 percent of firms still use paper checks to pay invoices, only 51.3 percent said they were satisfied with them
  • 35.5 percent see electronic invoices as a solution that can reduce manual AP processing
  • On average, 42.3 percent of invoices are approved in between one day and one week

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PAYMENTS 2022
Payments As A Service

Inside The April 2019 Report

  • 94 percent: Portion of digital platforms that intend to expand into new geographical locations over the next three years
  • 54 percent: Share of firms that plan to expand to meet global demand for their services
  • 98 percent: Portion of digital payments platforms that believe payments will play a very or extremely important role in facilitating future expansion

PAYMENTS AND THE PLATFORM ECONOMY
Platform Payments

Inside The April 2019 Report

  • An interview with Hugo Monteiro, cofounder and tech advisor at long-term home rental marketplace Spotahome, on how homesharing platforms can mitigate data concerns and engineer trust
  • Notable headlines from around the payment platforms space, including how mobile payment services like Google Pay are approaching regulatory changes
  • A case study examining hostel booking site Hostelz.com, including why founder and site owner David Orr says it no longer directly accepts payments

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CREDIT UNION INNOVATION PLAYBOOK: DIGITAL BANKING EDITION
Credit Unions

Inside The April 2019 Report

  • 59.9 percent of current CU members consider it “very” or “extremely” important for their CUs to offer mobile apps
  • Among Generation Z members, 50.4 percent chose their CUs because of their mobile app offerings
  • Bridge Millennials are more likely than any other generations to consider switching their primary FIs, with 12.7 percent willing to do so

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AI INNOVATION PLAYBOOK
Artificial Intelligence

Inside The April 2019 Report

  • 81.8 percent: Share of FIs with assets exceeding $100 billion interested in smart agents to combat fraud
  • 45.0 percent: Share of decision-makers working in fraud detection who are interested in smart agent
  • 41.1 percent: Share of commercial banks that are very or extremely interested in adopting smart agents

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GIG ECONOMY

Inside The April 2019 Report

  • 38.4 percent: Share of non-seasonal gig workers
  • 38.2 percent: Share  of gig workers were paid via direct deposit
  • 19.4 percent: Share of gig workers were not employed outside the gig economy

WHERE WILL WE BANK NEXT?

Inside The April 2019 Report

  • 57.5%: Share of consumers who would be interested in banking with non-FIs
  • 37.8%: Share of Bridge Millennials who would consider banking with PayPal
  • 90.6%: Share of consumers who say their primary FIs fit their needs

MOBILE CARD SERVICES

Inside The March 2019 Report

  • 79.7%: Share of consumers who keep cards on file for added convenience
  • 37.0%: Share of consumers who are very or extremely interested in CoF security solutions
  • 44.0%: Share of consumers that has cards on file with three to five merchants

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CREDIT UNION INNOVATION PLAYBOOK: TRUST BUT VERIFY EDITION
Credit Unions

Inside The March 2019 Report

  • 81.3 percent of credit union members cited trust as a reason for selecting an FI, while 80.6 percent of them cited it as a reason to remain with their CUs
  • 42.4 percent of CU members want their FIs to focus on anti-fraud solutions, and 33.0 percent cited data security as their top innovation priority for the next three years
  • 64.3 percent of FinTechs expressed interest in bypassing CUs to sell directly to members

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