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The digitization of our world is reshaping consumer expectations. People don't just want simplified, digital solutions for everyday services. They expect it. And while innovation is evolving many consumer and business interactions, some processes, such as insurance claims payment, remain mired in paper. Making the move to digital disbursements can increase efficiency while boosting customer satisfaction.
Nearly half of disbursement payments across industries are made by checks today, which can be an expensive and slow process. In addition, this does not align with the lifestyles of consumers, most of whom are ready to leave checks behind. According to a recent Expectations & Experiences survey conducted by Fiserv, 68% of consumers prefer to receive insurance payments electronically.
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