Ask Hoot-E: The Center for Payments Digitizing Payments Survey

Amy Donaghue

By: Hoot-E with help from Brandie Thacker, AAP, Vice President, Communications & Member Support

Dear Hoot-E, what is the Center for Payments Digitizing Payments Survey?

One of the not-so-tangible benefits of EPCOR membership is industry representation and advocacy. The EPCOR staff, as well as board members, serve on industry organizations and committees to collectively bring the “EPCOR member point of view” to the table. One of the organizations with which EPCOR is involved is the Center for Payments™, a joint program sponsored by the ten payments associations with a mission to advance the payments industry as a united voice through market intelligence and thought leadership. Together, the payments associations represent over 10,000 financial institution members, businesses and stakeholders with an interest in U.S. payment systems.

Each year, the Center for Payments conducts a nationwide survey to provide financial institutions actionable data for decision-making and managing operations and risks, especially for the small and mid-sized financial institutions that may not have access to this type of market intelligence. As a founding member, EPCOR invites each of our financial institution members to participate in these annual surveys and provides the results for your planning and benchmarking efforts.

This year’s survey, Digitizing Payments: The Online Account Opening Experience, examines current financial institution practices and procedures to safely manage online account openings, as well as to detect, evaluate and mitigate risks throughout the online account opening process. The compiled responses from 525 financial institutions aim to provide insights into different strategies and actions similar organizations undertake for online account opening.

The Full Report

The complete findings are available exclusively to EPCOR members in the Knowledge Community. If you need assistance locating the report, please reach out to member support via phone (800.500.0100), email (memserve@epcor.org) or chat (epcor.org).

Stay tuned for an announcement later this year for the next Center for Payments Survey and how your organization can help provide actionable data to help support and improve the continued evolution of the U.S. payment systems. Also, watch for our survey results coming soon for insight into COVID-19 response.