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new technology for faster payments. Source: Shutterstock.

Over the last decade, the financial services industry has changed considerably as community banks and credit unions evolve their product offerings to keep up with consumer expectations. The faster payments movement is the latest example of this.

In the current economic climate, having access to funds in real-time is now more important than ever, both for consumers and small and medium-sized enterprises. According to a recent survey of 2,010 U.S. businesses by the Federal Reserve, 90% expect to use faster payments in their operations by 2023, and many are ready for that upgrade now. Meanwhile, 30% of consumers say access to real-time payments is a key factor when selecting a financial institution and nearly 25%  would be willing to switch to an institution that offers them, according to new research from PYMNTS.com.

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