When it comes to making digital payments, consumers trust their bank, but they have been turning to big tech for execution. In fact, according to McKinsey, consumers are far more likely to say they use digital wallets from PayPal, Apple Pay, and Google Pay, but when asked who they consider the logical provider of digital wallets, they point to their bank—by a wide margin.

The security consumers find in their banks signals an extraordinary opportunity for FIs to climb to the top of their customers’/members’ digital wallets. In addition, by creating a digital wallet-friendly card option, FIs get cards in consumers’ hands immediately, enabling higher activation and usage rates with greater than average spend.

That’s why FIs need to double down on what they are delivering. In the world of big tech dominance, consumers have grown to expect a certain level of service. Fortunately, what consumers are looking for aligns with a payments paradigm that FIs can enact and support. 

Give them what they want

In the quest for top-of-wallet status, it’s all about knowing what customers and members want and providing solutions that meet and exceed those expectations. So, what are they looking for from their digital wallet? It comes down to five key metrics:

‍1. The simplicity of a big-tech experience within their bank.

‍Sixty-two percent of consumers who use digital wallets cite ease-of-use as a top reason for choosing them, according to a PYMNTS study. And McKinsey found that more than half (54%) of consumers prefer an FI-provided wallet, above all other digital wallet options. Those FIs that marry a seamless user experience within their secure environment create an easy choice for their customers/members. 

2. The latest payments offerings.

‍It’s not just the retail industry that gets sucked into trends; payments experiences rub off. For instance, if a consumer was able to leverage a digital wallet in a Buy Now, Pay Later (BNPL) transaction, they’re going to expect that same experience from their FI. McKinsey states that demand will continue to grow: 37% of BNPL users who typically carry a card balance expect to increase their use of BNPL products. By offering the newest payment trends, an FI can demonstrate not only that it’s on top of industry developments, but it also creates more choice for the customer/member, a win-win opportunity.

3. Custom rewards.

‍That old philosophy, “Incent the behavior you want,” speaks volumes when looking at consumer payments. Consider that more than 25% of people say inflation has made them more interested in earning credit card rewards, and a whopping 79% want cash back per a WalletHub survey. If FIs introduce a rewards program that speaks directly to their customer/member needs, it will raise their card to higher-use status.‍

4. Security and comfort with their payments.

‍A PYMNTS report on consumer preferences found that consumers trust their FIs: 83% report being confident in their banks’ security measures. That trust goes a long way in today’s fraud-ridden, volatile environment. FIs want to remind their customers/members that their money is safe. That additional peace of mind will help in reiterating the FI payment value proposition to the consumer.

5. To feel like a person, not a product.

‍Excellent customer/member service with a focus on the individual is critical to driving payment behaviors. In fact, a PwC survey found that four out of five consumers will share personal data for a better experience.That goes back to the importance of the FI-customer/member relationship. In the quest for digital wallet dominance, the individual consumer needs to remain the priority.  

Overall, achieving top-of-wallet or primary-wallet status means knowing your customers/members and offering solutions that speak to their unique needs. To find out how Deserve can support you in achieving top-of-wallet status, check out check out our website or schedule a demo.

For more information in an easy-to-digest format, download the 5 Steps to Top-of-Wallet Status Infographic.