The latest Expectations & Experiences consumer trends survey from Fiserv, Inc.(NASDAQ:FISV), a leading global provider of financial services technology solutions, finds that digital experiences are influencing how people manage and make decisions about borrowing and investing. For instance, four of the top five loan payment methods are now electronic, and 21 percent of millennial investors use a robo-advisor service to make investments.
One of the longest running surveys of its kind, Expectations & Experiences builds on years of consumer survey data to provide insight into consumer financial behaviors and attitudes. A paper with details from Expectations & Experiences: Borrowing & Wealth Management can be downloaded at fisv.co/expectations-wealth.
The survey found that smartphones are making a significant impact on lending and investment-related financial decisions, especially among millennials. Nearly half of millennials (48 percent) report they would be comfortable using their smartphone to research loan options, compared to 19 percent of older generations.
“For most people, borrowing and investing money are careful decisions that require research, advice and trust in the provider,” said Byron Vielehr, president, Depository Institution Services, Fiserv. “Digital experiences are now an integral, and maturing, part of their consideration and management process. Importantly, these results underscore the need for providers to continually evolve and develop engaging experiences that help people make informed decisions to reach their goals, whether it’s borrowing for the perfect home or investing for retirement.”
Read more at CUInsight.