Nick Adams – Director and Payments Experience Specialist at Frog portfolio company Modulr – has recently penned a think piece for The European Financial Review, talking about how FinTech companies should be doing more to thrive in the instant economy.
In the article, Nick talks about companies trying to survive in today’s competitive environment – Businesses need all the help they can get to satisfy every generation’s high demand for instant digital services.
It is no longer the case that convenient, streamlined digital services are only expected by the younger generations. This desire now stretches across the board. From Boomers to Gen Z, the expectation is high. However, Nick argues that many businesses are missing out on unlocking the untapped revenue by disregarding the expectations of Boomers.
The biggest factor that makes the Instant Economy instant is the fact that it’s a convenient embedded payment, and now every generation has the expectation to be able to pay for products/services instantly.
The high demand isn’t going anywhere anytime soon. A recent study by the Modulr team has found that around 65% of people often don’t carry cash with them and prefer to use a digital means to pay, and this is true across all generations.
In fact, over 2/3 of over-65s are open to using digital payment methods that are quicker and more convenient for them. Modulr’s industry-leading research also concluded that the pandemic has driven this change, with around 47% saying their expectations of the payment experience has grown as a result of doing more online shopping.
These results show that making small changes to back-end payment infrastructure can help to create a positive impact on customer retention and satisfaction. If they fail to do this, businesses run the risk of potentially losing out on a big portion of revenue and fall behind key competitors.
To read Nick’s full article and insights, click here.
About the author
Mike launched Frog in 2009, after seven years in industry and 12 years at 3i. He represents Frog on the boards of Clue, Evotix and Modulr.