Frog Capital’s portfolio company Modulr researched attitudes towards digital payments amongst age groups ranging from 18 to 65+ to gain insights into why customers are becoming more digitally demanding than ever before and what customers expect to see from the different processes.
With this in mind, the Modulr team surveyed over 2,000 adult consumers in the UK and the results revealed some interesting findings. The survey results showed that the “older generations have broken free of the digitally dismissive stereotype and the results have uncovered overarching, intergenerational behaviours and expectations.”
The research also found that customers of all ages already have the high expectations when it comes to payment speed and that 44% of customers that were surveyed used mobile/online banking daily. The expectations are high across the board and the general consensus is that digital experiences are required globally.
However, the survey concluded that only a third of the people surveyed were fully satisfied with the online service processes and over half of them stopped buying from a brand because of poor payment experiences.
The average customer already has a high expectation as far as payment and customer experiences are concerned and customers of all ages and genders expect instant payments, instant receipts and easy to use processes throughout.
You can access the Modulr’s team research here.
