A new UK survey has found the ability to temporarily disable an account to prevent unauthorized use scored highest among the choices offered at 47.2% rating it in the highest and only 10% rating it in the lowest. At the other end of the spectrum is the ability to allow for a single use.
The TSYS inaugural U.K. Consumer Payments research report also found there is a significant portion of respondents who found such self- direction enablers to be quite valuable, with the Nomads naturally very zealous for these types of offerings.
Consumers indicated that they like being provided with tools that enable them to proactively monitor and track their accounts. Some of these controls are currently of particular interest when provided as a mobile option.
Unsurprisingly, the greatest response among all respondents was indication of a preference to receive communications once a month, which is typically what cardholders are used to in the form of monthly statements. As could be expected, the hyper-engaged Nomads segment showed a preference for weekly communication (42 percent) to monthly (38 percent). The surprising piece was that Analogs prefer to decide for themselves the frequency of their issuers’ communications. This was unexpected as much of their attitude and behavior tends to be more passive or disinterested. This is certainly a space to watch in next year’s survey.
Electronic PIN management addresses the increasing demand of paperless delivery methods and heightened security concerns, allowing secure issuance of PIN codes via SMS, Web, app and IVR delivery. Due to the digital nature of such a service, the continuum with the lowest rate of Analogs finding this valuable/very valuable at one end (23%) and Nomads on the other (82%) is consistent with expectations.
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