Instant Payments Attract Customers, Improve Satisfaction

New research from Federal Reserve Financial Services (FRFS) reveals that 78% of U.S. consumers chose faster payments as a preferred option in 2024. Instant payments, specifically, have caught the attention of consumers, and they’re looking to financial institutions to provide them. Around six in 10 consumers say it’s important for their financial institution to offer instant payments, with 78% of Gen Z in particular calling it important, a 14% increase year over year.

Financial institutions are offering instant payment services as part of their business strategy to remain competitive, keep deposits in-house and maintain primary customer relationships. That access to instant translates to satisfaction: Notably, consumers using instant payments reported 8% greater satisfaction with their primary financial institution.

Click Read More below to read the complete article from FRFS and to download the study.