Future of payments? Phone will set the tone

Consumers have grown accustomed to real-time experiences in their everyday lives — making connections, downloading music, managing travel. In this fast-paced reality where information needs are often satisfied instantaneously, consumers now demand the same immediacy from their financial institutions.

The latest Expectations & Experiences: Household Finances quarterly consumer trends survey from Fiserv, released in February 2017, found that whether they’re financially comfortable or struggling, people are looking for tools that make moving and managing money convenient and enable them to take control of their financial lives.

The shift towards self-service in mobile channels continues to mature, particularly among millennials; over a 30-day period, millennials accessed their financial organization via mobile app or browser 8.5 times on average versus 3.1 times for non-millennials. Millennials are a useful barometer of future trends because the demographic is growing.

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