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.
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.
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.
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.
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.
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.
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
A recommended payments partner of the BC Chamber of Commerce
Find out what you are actually paying
Send us a recent statement. We read it line by line and come back within 1 to 2 business days with exactly what you are paying and whether the structure matches how you run. No obligation, just numbers.
Built for businesses that expect more from their payment systems.