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One of the clearest reasons for the introduction of real-time payments is a shift in consumer expectations. In an on-demand culture where not just digital, but physical content and goods can be delivered within minutes, consumers expect parity across all aspects of their lives.

As an example of how consumer attitudes are shifting, a 2015 Mercator Advisory Group survey found that more than 60% of digital banking customers wanted bill payments to be instant, or within the hour, with the majority choosing instant.

With a highly competitive landscape for real-time payments developing outside the bank ecosystem from third parties such as Square, Venmo, Ripple and Circle, banks need to recognize and embrace this trend or risk being left behind. Real-time payments will increasingly be table stakes.


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