Cornerstone Report: The Impact of Digital P2P Payments on Community-Based Financial Institutions

Digital payments options are starting to play an increasingly important role in where consumers and small businesses decide to do their banking. According to Cornerstone’s research, “among consumers with a checking account, six in 10 send money to other people using a payment service like Zelle® or from their primary checking account provider’s website.”

“This capability is critical to consumers. Roughly three quarters of them said that if their primary checking account provider stopped offering P2P payments capabilities, they would take action. What would they do? The most popular actions were using an account from a different bank more frequently, closing their existing account, and opening an account with a different institution.”

Digital payments options are also critical to gig workers and small business owners, with 80% saying they accept digital payments using tools such as Zelle®.

To stay competitive in the financial ecosystem, community based FIs must implement a modern payments strategy that includes digital payments. As banks and credit unions move towards modernizing their payments infrastructure, how will these efforts impact consumers and small businesses?

Download the full report by Cornerstone Advisors to learn:

  • The key drivers of digital payments use among consumers
  • The benefits of faster digital payments for consumers, small businesses, and community banks
  • Five new revenue streams payments modernization can drive for banks

download the report


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