THE CHALLENGE FOR INSURANCE COMPANIES
Real-Time Payments

Inside The August 2023 Report

  • 82%: Portion of smaller firms not currently using real-time payments due to higher costs associated with implementing them
  • 90%: Share of large firms likely to turn to FinTechs for real-time payments solutions, compared to 77% of small insurance companies
  • 55%: Portion of small insurance companies likely to partner with third-party processors for real-time payments innovations

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WHY CFOS RECOGNIZE THE NEED TO AUTOMATE AP/AR WORKFLOWS
Accounts Payable

Inside The August 2023 Report

  • 93%: Portion of CFOs noting reduced days of delay in how invoices are tracked when automating AP processes
  • 64%: Share of CFOs who say they definitely need more automation for their AR processes
  • 82%: Share of firms that have used automation to streamline AP processes that report reduced days of delay and exceptions related to payments

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HOW CREDIT PRODUCT RATES IMPACT FI SELECTION
Credit Unions

Inside The August 2023 Report

  • 45%: Portion of CU executives who say they have made very or extremely significant efforts to cut down credit product setup times.
  • 59%: Share of CU executives who believe product setup times have a major influence on consumer’s decisions of where to apply for credit products
  • 5.8%: Portion of account holders who say that quick access to funds is the most influential factor in deciding where to apply for credit products

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THE CREDIT INSECURE NEED MORE EDUCATION
Consumer Finance

Inside The August 2023 Report

  • 17%: Share of consumers with low credit scores who used a credit builder app primarily for credit-building purposes in the last year
  • 42%: Portion of knowledgeable consumers highly interested in user-friendly materials to improve their credit scores
  • 29%: Share of consumers with low credit scores who have used a credit builder app in the last year

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A DEEP DIVE INTO THE MANUFACTURING SECTOR
B2B Payments

Inside The August 2023 Report

  • 91%: Portion of manufacturers that view real-time payments as crucial to supplier relationships
  • 59%: Share of manufacturers that plan to make more real-time B2B payments
  • 47%: Portion of manufacturers that plan to pay with checks less frequently

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HOW RETAIL SUBSCRIPTION MERCHANTS CAN WIN AND RETAIN HIGH LTV CUSTOMERS
Subscription Commerce

Inside The August 2023 Report

  • 28%: Portion of loyal consumers who would cancel if the merchant renewed their subscription without their permission
  • 20%: Share of bottom-performing merchants that offer guarantees or refunds, compared to 100% of top performers that do
  • 7%: Portion of bottom-performing subscription merchants that allow changes to product selection, compared to 93% of top performers that do

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HOUSEHOLD FINANCES DEEP DIVE EDITION
Consumer Finance

Inside The July 2023 Report

  • 21%: Share of U.S. consumers living paycheck to paycheck with issues paying bills in June 2023
  • 67%: Share of U.S. consumers living alone who live paycheck to paycheck
  • 34%: Portion of parents who share a bank account with their children

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2023 GLOBAL DIGITAL SHOPPING INDEX: UAE EDITION
ECommerce

Inside The July 2023 Report

  • 40%: Portion of brick-and-mortar UAE shoppers who cite immediate product availability as a reason for shopping in-store, less than the 54% of U.S. and 53% of U.K. shoppers who say the same
  • 55%: Share of men in the UAE who used a smartphone to enhance their most recent in-store shopping journey, more than the 45% of women who did the same
  • 43%: Portion of consumers in the UAE who cite easy checkout processes as a reason for preferring to shop online

SOLVING ACCOUNTS PAYABLES’ TOP FRICTIONS WITH AUTOMATION
Accounts Payable

Inside The July 2023 Report

  • 25%: Portion of firms citing invoice errors and discrepancies as the top areas of disruption they recently faced
  • 83%: Share of CFOs reporting that digital technologies supporting AP workflow automations have reduced frictions by better integration of buyer and supplier payments
  • 64%: Portion of firms that added tailored AP software to their ERP systems to automate AP workflows in the last six months

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ISSUERS REPORT 2023: FINTECHS’ INSTANT PAYMENT MISMATCH
Money Mobility

Inside The July 2023 Report

  • 41%: Portion of FinTech issuers that allowed their customers to receive P2P transfers in Q2 2023
  • 28%: Share of consumers citing guarantee of good funds/speed as their most experienced issue when moving funds out of their accounts
  • 32%: Portion of FinTechs that cited limited payment options as their account holders’ most experienced issue when moving funds out of their accounts

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ACCOUNTS RECEIVABLE AUTOMATION SMOOTHS ORDER-TO-CASH CONTINUUM
Accounts Receivable

Inside The July 2023 Report

  • 68%: Portion of CFOs who say payment-related delays were an issue in the last six months
  • 55%: Share of CFOs who say disputes and exceptions were an issue in the last six months
  • 48%: Portion of CFOs who say shipping-related problems were an issue in the last six months

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A DEEP DIVE INTO THE INSURANCE INDUSTRY
Real-Time Payments

Inside The July 2023 Report

  • 68%: Portion of insurance firms planning to ramp up real-time payments for inbound transactions that cite speed as a reason for doing so
  • 64%: Share of insurance firms gearing up to introduce additional B2B payment features in the next 12 months
  • 82%: Portion of small insurance firms citing implementation costs as the primary barrier to adopting real-time payments

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HOLISTIC BILL PAY WINS OVER USERS — BUT HOLDOUTS REMAIN
Consumer Payments

Inside The July 2023 Report

  • 91%: Share of billers that use or want to use inclusive bill payment systems that say these systems make the bill pay experience more convenient
  • 97%: Share of consumers who experienced at least one bill pay frustration who are highly interested in using a holistic bill pay platform
  • 43%: Share of billers not interested in providing holistic bill pay saying integration would be too complicated

MONETIZING SOCIAL MEDIA
ECommerce

Inside The July 2023 Report

  • 28%: Portion of consumers who transact on social media because it allows them to buy as soon as the product catches their attention
  • 29%: Share of social media shoppers who used credit cards for their purchase without leaving the app
  • 18%: Portion of social media shoppers who used PayPal for their most recent purchase without leaving the app

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HOW AUTOMATIONS REDUCE RECEIVABLES DELAYS
Accounts Receivable

Inside The July 2023 Report

  • 93%: Portion of companies automating at least 50% of AR processes expressing satisfaction
  • 80%: Share of CFOs citing lack of on-call advisory services as a key barrier in AR automations
  • 63%: Portion of firms with highly automated AR processes experiencing fewer invoicing errors

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CREDIT UNION MEMBERSHIP AND CREDIT PROFILES
Credit Unions

Inside The June 2023 Report

  • 28%: Portion of CU members willing to switch FIs for more innovative experiences
  • 64%: Share of CUs taking wait-and-see approach to innovation
  • 89%: Portion of CU executives who cite operational challenges as key obstacles impacting their innovation agendas

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MITIGATING RISKS AND MAINTAINING LIQUIDITY IN TIMES OF CHANGE
Risk Management

Inside The June 2023 Report

  • NEED-TO-KNOW BASIS: Understanding the rapidly changing economic environment and trends across treasury management and how technologies, regulations and the industry will likely evolve has become table stakes.
  • VISIBILITY IS KEY: The improved visibility that today’s tools offer can put savvy organizations in a better position, one that may be particularly valuable given recent economic tightness.
  • INTERNATIONAL & INTERCONNECTED: Companies must empower their international teams to perform the treasury acts local to their time zones but are also in lockstep with global policies and processes.

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Q2 2023: CREDIT’S KEY ROLE IN SMBS’ PLANS
SMBs

Inside The June 2023 Report

  • 63%: Increase in the share of SMBs planning to use business credit cards compared to those that have access today
  • 40%: Share of SMBs that are most likely to use business credit cards in the next 12 months
  • 31%: Share of Main Street SMBs that will not seek financing in the next 12 months

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THE EMERGENCY SPENDING DEEP DIVE EDITION
Consumer Finance

Inside The June 2023 Report

  • 55%: Share of millennials who report having had at least one unexpected expense in the three months prior to May 2023
  • 46%: Portion of consumers who reported facing emergency expenses in the three months prior to being surveyed
  • 53%: Portion of struggling paycheck-to-paycheck consumers who postponed large expenses due to financial hardship

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BNPL'S WIDE-RANGING IMPACT ON CONSUMERS AND MERCHANTS
Buy Now Pay Later

Inside The June 2023 Report

  • 43%: Portion of consumers who would delay a purchase or opt for a cheaper product if BNPL were unavailable
  • 20%: Share of consumers living paycheck to paycheck with issues paying bills who identify as BNPL users
  • 28%: Portion of consumers for whom the no- or low-interest rate feature is an important factor in choosing to use BNPL

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2023 GLOBAL DIGITAL SHOPPING INDEX: MEXICO EDITION
Payments Innovation

Inside The June 2023 Report

  • 44%: Portion of in-store shoppers in Mexico who shop in-store because they believe the prices are lower than online
  • 10: Number of digital shopping features the average shopper in Mexico uses per purchase, significantly less than any other country in our study
  • 30%: Portion of women in Mexico who want to integrate digital into all aspects of their shopping journeys

FREQUENT MOBILE WALLET BILL PAY USERS THE MOST SATISFIED
Mobile Wallets

Inside The June 2023 Report

  • 85%: Portion of consumers who used mobile wallet bill pay for more than five bills who were very or extremely satisfied
  • 51%: Share of mobile wallet bill pay users who paid bills on the due date
  • 68%: Portion of mobile wallet bill pay users who paid bills on the due date who were very or extremely satisfied with their experience

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THE LOYALTY FACTOR
Subscription Commerce

Inside The June 2023 Report

  • 79%: Share of revenue generated by the top 30% of retail subscribers
  • $65: Average monthly subscription spend by loyalists
  • $2,500+: Projected lifetime value of loyalist subscribers

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CATCHING THE COMING ECOMMERCE WAVE
Digital Payments

Inside The June 2023 Report

  • 26%: Portion of consumers saying two-factor authentication would make them more comfortable when shopping online
  • $129: Average value of a single online retail order
  • 39%: Share of consumers expecting to shop for more health and beauty products online in the next year

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MOBILE WALLETS GAIN POPULARITY, BUT HURDLES REMAIN
Mobile Wallets

Inside The June 2023 Report

  • 60%: Share of consumers who paid bills via mobile wallet in the last year
  • 79%: Portion of millennials who paid bills via mobile wallet in the last year
  • 42%: Share of consumers disinterested in mobile wallet bill pay who cited security concerns as the main reason for their lack of interest

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2023 GLOBAL DIGITAL SHOPPING INDEX: BRAZIL EDITION
ECommerce

Inside The June 2023 Report

  • 50%: Share of brick-and-mortar shoppers in Brazil who use smartphones while shopping in store
  • 57%: Share of brick-and-mortar shoppers in Brazil who cite immediate availability as a reason for shopping in store
  • 23%: Portion of shoppers in Brazil who shopped paid for their most recent purchase entirely via mobile

HOW YOUNGER CONSUMERS MAKE CREDIT DECISIONS
Consumer Payments

Inside The June 2023 Report

  • 24%: Portion of consumers citing rewards as the most important reason for using BNPL instead of other payment options
  • 14%: Share of Gen Z consumers who used BNPL to make a purchase in the last 90 days
  • 52%: Portion of millennials citing better spending management as the main reason they use credit products

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CONSUMER BEHAVIOR IN FOCUS
Security & Fraud

Inside The May 2023 Report

  • 62%: Portion of all retail banking consumers willing to forego convenience for enhanced security for their sensitive information
  • 41%: Share of consumers open to sharing sensitive information with existing insurance providers for better transaction security
  • 50%: Share of digital bank customers willing to disclose personal data with existing insurance providers for improved transaction security

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THE REGIONAL DIVIDE EDITION
Consumer Finance

Inside The May 2023 Report

  • 82%: Portion of urban consumers who have outstanding credit card balances
  • 64%: Share of paycheck-to-paycheck consumers living in the Western U.S. in April 2023
  • 23%: Portion of Northeastern urban dwellers who cite dependent relatives as the most important reason why they live paycheck to paycheck, significantly more than any other region

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THE LURE OF PAYMENT METHOD REWARDS
Payments Innovation

Inside The May 2023 Report

  • 20%: Share of millennials who do not use any payment method when they cannot earn points or rewards
  • 29%: Portion of millennials interested in online bank transfer for retail transactions if they are able to earn points or rewards
  • 35%: Share of Gen X consumers who prefer to use a payment method because of the ability to earn points or rewards

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DAILY DIGITAL ENGAGEMENT HITS NEW HEIGHTS
Connected Economy

Inside The May 2023 Report

  • 17%: Share of global in-person purchases made using mobile wallets
  • 29%: Year-over-year growth in the use of Big Tech wallets — Apple Pay, Google Pay and Samsung Pay
  • 37%: Portion of digital purchases in Japan using local FinTech wallets, up 46% from Q1 2022

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WHAT BABY BOOMERS AND SENIORS WANT FROM DIGITAL HEALTHCARE PLATFORMS
Healthcare

Inside The May 2023 Report

  • 20M: Estimated number of baby boomers and seniors with high interest in using unified digital healthcare platforms
  • 57%: Share of baby boomers and seniors interested in using digital healthcare platforms citing convenient access to healthcare information as a key reason
  • 85%: Portion of baby boomers and seniors who prefer to access pharmacy benefits and insurance info through digital healthcare platforms

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A DEEP DIVE INTO THE REAL ESTATE INDUSTRY
Real-Time Payments

Inside The May 2023 Report

  • 70%: Portion of real estate firms citing speed as a reason for wanting to receive real-time payments
  • 14%: Share of real estate firms planning to adopt virtual card payments in the next year
  • 52%: Portion of real estate firms planning to adopt virtual cards because of transaction speed

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WHY HOLISTIC PAYMENT EXPERIENCES WILL WIN THE PAYMENT PLATFORM WAR
Platform Payments

Inside The May 2023 Report

  • 62%: Share of consumers who experienced multiple payment pain points who say they would want access to a holistic bill payment platform
  • 36%: Share of consumers who reported experiencing 10 or more bill payment pain points who say they would be very or extremely interested in a holistic platform
  • 82%: Share of billers who say they think a holistic bill payment platform would help streamline their processes

STAYING AHEAD THROUGH PAYMENTS INNOVATION
Credit Unions

Inside The May 2023 Report

  • 65%: Portion of bank account holders who want more innovative payment methods from their FIs
  • 80%: Share of account holders willing to switch FIs for access to innovative products who would like to see their current FIs or CUs make more payment products available
  • 39%: Portion of millennials who would switch or consider switching FIs in favor of innovation

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CREDIT CARD USE DURING ECONOMIC TURBULENCE
Credit Cards

Inside The May 2023 Report

  • 45%: Portion of consumers with credit cards who carry a revolving balance
  • 31%: Share of cardholders prioritizing rewards and cash back programs
  • 68%: Portion of high-spending non-revolvers valuing real-time fraud detection alerts above all other features

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ADOPTING SUBSCRIPTION COMPANIES’ TOP-PERFORMING PAYMENT RECOVERY STRATEGIES
Subscription Commerce

Inside The May 2023 Report

  • 22%: Average increase in revenue subscription businesses recovered for every additional payment recovery method used
  • 47%: Share of top-performing subscription providers that use at least one specialized third-party payment recovery solution
  • 43%: Share of subscription providers with low annual churn rates that exclusively use third-party payment recovery solutions

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THE GENERATIONAL DEEP DIVE EDITION
Consumer Finance

Inside The April 2023 Report

  • 66%: Share of Gen Z consumers who lived paycheck to paycheck in March 2023
  • 51%: Share of baby boomers and seniors who have experienced at least one financially distressing event in the last three years
  • 73%: Share of Gen Z paycheck-to-paycheck consumers who have spent $100 on a nonessential expense in the last three months

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HOW CREDIT INSECURITY IS CHANGING U.S. CONSUMERS’ BORROWING HABITS
Loans

Inside The April 2023 Report

  • 46%: Portion of credit insecure consumers who could not get more credit due to their credit scores
  • 86%: Share of credit marginalized consumers who live paycheck to paycheck and thus are more susceptible to negative financial impacts from life events
  • 21%: Portion of credit marginalized consumers did not apply for new credit products due to a fear of rejection

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CONSUMER BEHAVIORS AND PERCEIVED SECURITY ACROSS DEVICES
Security & Fraud

Inside The April 2023 Report

  • 76%: Portion of consumers who believe smartphones are secure and are likely to use them for personal cash transfers
  • 83%: Share of banking consumers who want multifactor authentication for infrequent transactions
  • 42%: Portion of consumers who want to verify their identity every time they pay for goods or services

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HOW CONSUMERS WANT TO LIVE IN THE VOICE ECONOMY
Mobile Commerce

Inside The April 2023 Report

  • 54%: Share of consumers who would prefer voice technology in the future because it is faster than typing or using a touchscreen
  • 27%: Share of consumers who have used a voice-activated device or speaker in the last 12 months
  • 22%: Share of Gen Z consumers highly willing to pay more than $10 per month to use a voice assistant as smart and reliable as a real person

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BRIDGING THE GAP BETWEEN SUBSCRIPTION CONVERSION AND RETENTION
Subscription Commerce

Inside The April 2023 Report

  • 11%: Increase in the share of consumers with retail subscriptions since September 2022
  • 62%: Share of subscribers that cite cost savings associated with free shipping as a primary reason for subscribing
  • 97%: Portion of top-performing subscription providers that offer the ability to pause or modify subscriptions

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WHAT ENTERPRISE CUSTOMERS NEED TO KNOW NOW
Digital Banking

Inside The April 2023 Report

  • Education: Enterprises must explain the benefits of open banking and new amenities so clients and customers can try them safely.
  • Enabling Open Banking: Banks must embrace an end-to-end digital architecture, which requires modern banking platforms that are elastically scalable and based on APIs.
  • A Worldwide Phenomenon: Outside the EU, six more markets are currently developing open banking APIs and market standards for open banking are emerging in more than 10 others.

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2023 GLOBAL DIGITAL SHOPPING INDEX: UNITED KINGDOM EDITION
Merchant Innovation

Inside The April 2023 Report

  • 86%: Share of U.K. eCommerce shoppers who had their most recent purchases delivered
  • 28%: Portion of U.K. consumers who shopped and paid for their most recent purchase entirely via mobile
  • 50%: How much likelier merchants are to offer free shipping than shoppers are to realize free shipping is available

THE FUTURE OF REAL-TIME PAYMENTS IN REAL ESTATE
Real-Time Payments

Inside The April 2023 Report

  • 77%: Portion of real estate firms planning to start making real-time payments in the next year
  • 65%: Share of real estate firms that think real-time payments will replace standard ACH as a method of making payments
  • 80%: Portion of real estate companies citing the receiver’s ability to accept standard ACH payments as the reason for using that method

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BRIDGING THE CRYPTOCURRENCY DIVIDE — WHY MEMBERS WANT ACCESS, WHY CREDIT UNION EXECUTIVES RESIST
Credit Unions

Inside The April 2023 Report

  • 56%: Portion of CU executives slightly or not at all interested in providing cryptocurrency products for their members
  • 83%: Share of consumers who have not owned cryptocurrency in the past year who say they do not even know if their financial institution provides cryptocurrency products and services
  • 61%: Portion of cryptocurrency users who say they are highly likely to purchase cryptocurrency this year

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Q1 2023: USING FINANCE TO EASE RECESSION FEARS
SMBs

Inside The April 2023 Report

  • 31%: Portion of Main Street SMB owners who would use their personal credit cards to manage a cash flow shortfall
  • 23%: Share of Main Street SMBs citing economic uncertain as their most pressing challenge
  • 40%: Portion of Main Street SMBs with annual revenues between $1M and $10M without readily available financing

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BUILDING STRONGER CUSTOMER TIES WITH PAY BY BANK TRANSFER
Payments Innovation

Inside The April 2023 Report

  • 19%: Share of consumers citing difficulty initiating disputes with payees when using pay by bank transfer for their most recent online purchase
  • 23%: Portion of pay by bank transfer users who cite speed as the most important reason for choosing this method for online purchases
  • 36%: Share of Gen X consumers highly likely to use pay by bank transfer for retail purchases if offered rewards

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INSTANT PAYOUTS REACH AN INFLECTION POINT
Disbursements

Inside The April 2023 Report

  • 26%: Share of consumers willing to pay a fee to receive government disbursements instantly
  • 69%: Portion of paycheck-to-paycheck consumers who select instant disbursement options when available
  • 28%: Share of bridge millennials who prefer instant disbursements but opt out because they have to pay a fee

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THE EVOLVING DIGITAL DAILY EDITION
Connected Economy

Inside The March 2023 Report

  • 11: Number of different types of online transactions consumers make per month
  • 14%: Share of consumers performing digital banking transactions every day
  • 86M: Number of consumers using voice assistants each month

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