Two-Thirds of Businesses Plan to Switch for Embedded Finance

65% of Consumers Still Opt for Manual Bill Pay

In a financial landscape increasingly shaped by digital innovation, a surprising number of consumers are sticking with traditional methods. A new PYMNTS Intelligence report, “Loyalty Strategies FIs Need: Perks, Speed and Security,” sponsored by FIS, shows that despite the availability of advanced financial tools, many consumers prefer manual approaches to managing money.

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Manual Methods Signal a Desire for Control

The study finds that 65% of U.S. consumers still pay bills manually each month, and nearly one-quarter rely on spreadsheets to track finances. For these individuals, manual methods are seen as easier to understand (65%) and a way to maintain better control (57%). The findings suggest that convenience alone is not enough to drive adoption of digital tools — consumers are seeking clarity and confidence in managing their money.

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Convenience and Simplicity Matter Most

When it comes to choosing financial products, ease of use is critical. Twenty-three percent of consumers list convenience as the top factor when selecting a credit card. Any friction or delay in the process increases the likelihood that customers will look for alternatives.

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The Personalization Gap

Although personalization is often touted as a driver of engagement, there is a significant gap between what consumers want and what they actually use. Seventy-two percent say personalization influences their choice of financial institution, but just 3% use the personalization tools available to them today. Many report feeling overwhelmed by generic advertising or pressured into products that do not meet their needs.

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Security and Rewards Are Key to Loyalty

Beyond simplicity and personalization, loyalty hinges on two other critical elements: rewards and security. Consumers expect flexible rewards programs that deliver immediate value, such as real-time redemption or cash equivalents. At the same time, airtight security is non-negotiable. A single lapse in fraud protection can push customers to switch institutions.

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What FIs Can Do

To win loyalty in an increasingly competitive landscape, financial institutions must:

• Offer simple, intuitive tools that give customers confidence and control
• Build loyalty programs that deliver real, flexible value
• Ensure top-tier security to guard against evolving threats
• Use AI-driven, targeted campaigns that connect authentically with consumers

Consumers are telling banks exactly what they want: clarity, control, and trust. The institutions that listen will be the ones that earn long-term loyalty.

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Payment Solutions with Kubera Payments

At Kubera Payments, we help businesses across North America move millions of dollars daily, whether in-store, online, or on mobile. Our team of payment experts is here to guide you through the complexities of payment processing, ensuring your transactions are secure, reliable, and PCI-compliant. We have strong relationships with a wide network of acquirers and can help you find the right front-end and technology solutions to work together.

Get expert advice on optimizing your payments.

Contact our team at sales@kuberapayments.com or 604-484-9278

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