Marketing instant payments: New considerations to help banks differentiate
Instant payments may soon become a game-changer in the competitive landscape for banks and credit unions. As more financial institutions (FIs) offer this convenience, marketing instant payments will require compelling strategies to stand out in a crowded market.
Focusing on speed will not be enough. Marketers will need to convey the value of instant payments in highly nuanced ways that resonate with different audience needs and use cases.
Why? Payment technologies are basically the same at every financial institution, but how an organization engages people can be a differentiating growth driver. Particularly for community banks and credit unions, instant payments could be the attractive ‘door-opener’ to acquire customers and members. Building relationships will depend on how well they position that opportunity for different audiences.
New challenges for marketing instant payments
Make no mistake, speed and convenience are top of mind for consumer and B2B audiences. But it can mean different things in different contexts. For example, up to a third of consumers have abandoned a financial transaction because money movement would take too long.1 But why? Was it just impatience, or were there other concerns that guided their decisions?
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