A new survey from digital payments expert, PayPoint, confirms that today’s consumers are ready and waiting for immediate, transparent and flexible payment tools to help them manage their financial commitments. Email and SMS as a means of communication far outweigh the traditional ‘letter in the post’ or a phone call – and importantly, a regular, timely digital nudge from finance providers would be welcomed by the majority to ensure they keep on top of payments and avoid arrears.

76% of the 500 people surveyed by PayPoint said they would welcome an email reminder about upcoming payments and 61% for overdue payments.  Similarly, SMS reminders would be positively embraced by 70% of those surveyed for upcoming payments and 60% for arrears. 1 in 3 of those who call for regular email and SMS reminders claim it would prompt them to make an immediate payment.

Traditional letters and unexpected telephone calls from providers are not in favour, with 64% saying “no thanks” to a call and 54% to a letter in the post.

Danny Vant, Client Services Director, PayPoint, comments: “Events of the last 12 months have accelerated the digital revolution in so many ways, across so many markets, from retail toutility payments, medical care to social interaction. In turn, this has created a new normal in terms of how people expect to be engaged with, and this includes their financial partners."

“Using mobile technology to manage their finances from the palm of their hand or the comfort of their sofa, crucially at a time that is convenient to them, is key. Our survey results confirm that those employing digital solutions to engage with people are likely to stimulate a positive response, with 35% of consumers surveyed saying they would be more likely to make an immediate payment as a result.”

Therefore, delivering the tools to help people assess their real-time financial situation and the ability to make an informed payment is crucial. 43% of people surveyed by PayPoint would welcome a digital platform that brings together all credit commitments in one place for easy review and financial decision making. Perhaps not surprisingly, 48% of survey respondents said they would embrace an App if it were available from their creditors, suggesting a shift away from websites and mobile enabled websites by adopters of the latest innovations.