VIDEO: Financial Services Intelligence Update — May 2024
With a remarkable surge in the use of P2P transfers, the May edition of the Financial Services Intelligence Update dives into JD Power’s newest research – the JD Power U.S. P2P Transfers Satisfaction Study. Over half of U.S. consumers have embraced P2P transfers, with a 10% rise in usage since Q3 2023.
In this video, Miles Tullo invites Sean Gelles, Senior Director of Payment Intelligence, to shed light on what matters most to customers when it comes to building loyalty and authority in the P2P landscape, as well as surprising brand performance observations on Venmo, PayPal, Cash App, and Zelle.
Here’s a rundown of the top moments showcased in the video.
Driving Factors of P2P Transfers Satisfaction
Maintaining customer satisfaction is paramount in deterring defection to new digital payment platforms. The key factors driving satisfaction with P2P transfers, ranked by importance, include:
- Account management through mobile apps
- Ease of money transfer
- Account linkage
- Security of funds and personal data
- Ease of receiving funds
- Customization of user experience
Brands excelling in these areas are reaping the rewards of exceptional customer loyalty. Only 8% of P2P users say they “definitely will” or “probably will” switch the brand they use for sending money in the next year.
JD Power U.S. P2P Transfers Satisfaction Study
The JD Power U.S. P2P Transfers Satisfaction Study offers an in-depth analysis of consumer satisfaction with brands providing digital money transfers between individuals. It encompasses valuable data on consumer behaviors, preferences, adoption strategies, and competitive benchmarking. Learn more about this study.
About Sean Gelles
Sean Gelles is a seasoned professional with 20 years of experience in consumer analytics, particularly in the payments industry. At JD Power, he spearheads research on various payment methods, aiming to enhance client competitiveness. Prior to this, he led analytics teams at American Express, leveraging customer data for improved digital experiences and revenue growth. Gelles holds degrees from Northwestern and Cornell University.
About Miles Tullo
Miles Tullo is the Managing Director of the JD Power Financial Services team. He oversees the company’s consumer payments program, focusing on point-of-sale choice and non-credit card payment methods. Drawing from over 20 years of experience in both payments and mortgage lending, Miles brings valuable expertise to clients.