Menu
Banking Exchange Magazine Logo
Menu

More than half of consumer loans paid by check, cash

Lenders focus on security and fraud mitigation

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
More than half of consumer loans paid by check, cash

Most U.S. consumer loan payments are still not electronic, while lenders focus on security and fraud mitigation, according to research commissioned by BillingTree.

Key observations and findings from the survey report include:

• Paper checks represent 41% of all U.S. loan payments. When combined with cash payments (11%), over half of all loans are paid nonelectronically by consumers.

• Fraud mitigation, data security, and compliance were cited as the factors most critical to business growth by lenders.

• Email is the primary communication method deployed by lenders for post loan communications, followed closely by paper mail.

“A growing awareness is reflected in the responses from our recent survey of lending institutions,” says Dave Yohe, head of marketing at BillingTree, “where compliance and security ranked as top-of-mind concerns for industry professionals, with the use of payment technology continuing to close the gap on more traditional payment channels.”

back to top

Sections

About Us

Connect With Us

Resources

Webinar — Leveraging Open Banking Trends to Transform Your Institution

Time/Date: October 5th, 2:00 CT

The concept of open banking is ushering in exciting new possibilities for financial institutions of all sizes, transforming how they do business and driving new revenue opportunities. Join Shane Ferrell, Vice President of Product Strategy and Director of Software Engineering Barkley Hughes as they answer these questions and more: 

• What is open banking, and how does a financial institution take full advantage of this rapidly growing technology?

• What are key areas to look for when considering leveraging a third-party technology or an open banking marketplace?

• What role does FDX play in the future of open banking?

REGISTER NOW!

This webinar is brought to you by:
OneSpan logo