New PayNearMe Study Reveals Growing Importance of Customer Experience in Loan Repayment
SANTA CLARA, Calif., April 23, 2024 /PRNewswire-PRWeb/ -- PayNearMe, the fintech company bringing progress to payments, today released a study titled, Consumer Trends Driving the Future of Loan Payments, which reveals that challenges in the loan repayment process and poor payment experiences jeopardize customer loyalty and potential future revenue. The study, based on a March 2024 online survey of 1,574 U.S. consumers aged 18 and older, reveals a growing preference toward alternative payment methods, as well as increased demand for hyper-personalized interactions. As consumers navigate loan repayment, their expectations for convenience are leading to more dissatisfaction with traditional loan repayment processes.
- As consumers navigate loan repayment, their expectations for convenience are leading to more dissatisfaction with traditional loan repayment processes.
- -Preference for digital wallets as available loan repayment options is growing for survey respondents.
- According to the study, 1 in 4 survey respondents (25%) say not having their preferred payment types available makes loan repayment difficult.
- The data underscores a clear trend toward the increasing importance of digital wallets for loan repayment," said Hay.