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New Survey Results: How Lenders Can Capture More of the Billion Dollar Pie

To gain the most relevant insights possible, ACI surveyed 111 lenders on both their payments offerings and their customers’ preferences. Unsurprisingly, 80 percent of respondents offered checks as a payment option, followed closely by electronic check/ACH (79%). Online banking was another popular option, with 73 percent of respondents offering this payment channel. In stark contrast, only 44 percent offered debit cards as a payment option.

There’s a clear opportunity here for lenders, as 72 percent of payers who pay late are “very” to “extremely likely” to pay on time if they can pay with a debit or credit card. That said, our survey found that less than 10 percent of customers chose to repay their loan with a debit card, while electronic checks/ACH were the most popular payments method at 46 percent.

One area where technology – particularly mobile – made a big difference, was in how customers chose to receive lenders’ alerts. 35 percent preferred alerts by email, while 26 percent chose text messaging. These mobile-friendly alert channels fit seamlessly into customers’ lifestyles, making it easy for lenders to easily capture borrowers’ attention.

Lastly, we asked which payment channels lenders are currently offering to their customers to make payments. 75 percent offered payments through their company website, while 60 percent offered payments through traditional mail. And while consumers preferred to be alerted to bills by text and email, only 22 percent of lenders offered payment by email and 17 percent by text. With 87 percent of U.S. consumers using smartphones, lenders should look to bolster these offerings to meet consumer demands. This applies in particular to Gen Z, the first truly mobile-native generation.

Ultimately, for lenders to begin collecting more, it is incumbent upon them to deliver payments that fit seamlessly into borrowers’ lifestyles. This will mean more mobile-friendly payments and debit cards.


For more information on how ACI can deliver a payments experience that raises collections and borrower satisfaction, visit:

Principal New Business Developer, Consumer Finance

Darcy Locke is a Principal New Business Developer and a trusted advisor in electronic billing and payments with more than 16 years’ experience, specializing in the consumer lending markets. An AFSA member for more than a decade, Darcy is the chair-elect for the AFSA Business Partner Board. She is motivated to help lenders elevate the customer experience, remain compliant and reduce costs.