New research shows reducing the number of fee collectors in the payments value chain is the top opportunity cited by nearly half (44%) of the respondents, ranking higher than both targeted offers (41%) and mobile (39%).
A new Global Payments Insight Study of consumer finance, higher education, insurance and other billing organization executives, conducted by ACI Worldwide and Ovum, provides insight into payment strategies and investment priorities to take advantage of these changes.
Principle findings of this study include:
Revolutionizing the cost structure
• Nearly 60 percent (59%) of respondents are evaluating direct connections with banks to eliminate or reduce reliance on card networks”illustrating how organizations may reduce fee collectors
• 85 percent of banks report wanting to work more closely with organizations to reduce costs
Transforming the customer experience
• 75 percent of organizations believe consumers expect more payment options:
◦ 92 percent of respondents representing consumer finance companies
◦ 91 percent of respondents representing higher education institutions
◦ 70 percent of respondents representing insurance companies
• In response, 50% of organizations are evaluating at least eight new payment methods
For data, background and forecasts on ACI: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).