Rising Demand Makes Faster Payments a Growing Necessity

Speed Could Drive Demand for Open Banking

Open banking’s adoption rate is still low, but with 70% of consumers saying faster payments drive greater satisfaction with their FIs, Boodil’s Harry Luscombe says a combination of instant payments and rewards could drive that change. Learn more in the “Money Mobility Tracker®,” a collaboration with Ingo Money.
Inside the April/May Tracker
  • Open banking rails in the U.K. are underutilized, says Boodil co-founder and CEO Harry Luscombe, and his company’s app is combining rewards and faster payments to increase customer engagement and adoption.
  • Instant disbursements reached a five-year high in the insurance industry last year, yet fewer insurers offered the option compared to the year before.
  • Those businesses adopting faster payments will have a competitive advantage, thanks to the customer satisfaction, revenue and operational efficiencies they bring.