Q4: Doubling Down on Money Mobility

As consumers seek greater control over their money, the ability to move that money quickly will be vital, Ingo Money CEO Drew Edwards writes in a new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”

Looking ahead, rising inflation, ongoing supply chain challenges, increased central bank interventions and economic slowdowns will all increase pressure on both consumers and corporations. 

For most consumers, this environment will push them to seek greater control over more of their money. The ability to move that money quickly, conveniently and securely will be vital as they try to take advantage of near-term opportunities while avoiding pitfalls and higher prices. 

Businesses will seek to conserve cash holdings and extend their runways while finding ways to more cheaply acquire new customers, reduce fraud losses and boost existing customer loyalty and engagement. Their ultimate goal is to earn a greater share of their customers’ wallets more efficiently. 

For both, the answer is Money Mobility. 

Money Mobility enables a company’s customers to move money instantly, conveniently and safely into or out of any account. It is the new normal in a world trained to expect instant anything at the push of a button. 

Consumers demand instantly available “me-to-me” transfers between owned accounts, to send or receive ready-to-spend funds to friends, and to be paid into the card, bank or digital wallet of their choosing when receiving corporate or government disbursements. In fact, a recent Experian survey found that 81% of consumers think better of a brand that offers a fast, easy payment experience.

In this world, where consumers must move money between payment apps, brokerage accounts, credit cards and bank accounts easily and immediately, companies must keep pace. If an organization cannot deliver on this expectation, consumers quickly find one that will. 

Those who make good on the promise of Money Mobility find that it encourages customer engagement, fosters loyalty and helps to attract and retain new customers more efficiently. It is the new “sticky” and opens a clear path to becoming a customer’s top-of-wallet option.

For all those reasons, Ingo Money is doubling down on its position as the leader in Money Mobility. 

Today, we deliver solutions for instant, safe and seamless inbound and outbound money flows. We enable true Money Mobility across more than 4.5 billion consumer accounts, ensuring funds arrive wherever they’re needed within minutes. 

Our platform handles all the technical elements of a payment, ensures accurate compliance and reconciliation, and can manage the risks associated with these transactions using decades of fraud mitigation experience, data and tools. That latter element is critical because true Money Mobility comes with an elevated risk of fraud, meaning that lost funds cannot be clawed back later. 

In the coming months and year, we are committed to expanding upon this platform and equipping even more companies to deliver on the promise of Money Mobility for their customers. For any company that offers a financial account or instrument or that issues a consumer disbursement, this is the surest path to emerge from a potential economic downturn with a greater number of more loyal customers.