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Article 17 Oct 2022

60% of Gen X want instant payouts for trading: don’t get left behind

The payment and payout methods that your business accepts aren’t about jumping on the latest tech trend or sticking to the legacy system that’s simple for you.

Choosing the right payment and payout tools requires an understanding of your customers and how they want to pay and be paid. Every industry and every audience will be different. Many finance leaders need to overcome outdated assumptions about how various generations prefer to make and receive payments. 

In this post, we will look at Gen Xers’ digital payment preferences within the trading and investment industry. We will review Brite Payments’ consumer research. This research that shows a generation that is typically ignored when it comes to tech innovation. Actually, they are demanding instant payments and value them more than any other generation when it comes to this industry. 

Who are Gen X and why do they care about instant payouts?

Gen X are those who are around thirty to fifty years of age and were born between the mid-1960s and the late 1970s.

Gen X is unique in comparison to those generations that came before and afterward. They have a higher level of education than the previous generation but they don’t have as many financial resources available. While they are high earners, they make more frequent use of credit. With many having mortgages, car loans, student debt (for themselves and children) along with credit card debt. 

This generation remembers what analogue means. Unlike those who came afterward, they have not grown up with smartphones. They have adapted and embraced digital devices into their lives, with many making use of computers, smartphones, and tablets. These devices are now their go-to shopping tools with Gen X making more online purchases than any other age group.

The payment methods most used by Gen X are digital. They don’t use cheques and they only make bank transfers if necessary but almost always online. 

Gen X may have been born in an analogue world, but they are fully integrated into the digital era. They expect businesses to deliver them all of the convenience that comes with digital payments. 

An industry that needs to focus on its Gen X audience and their demand for digital payments is trading and investment. Gen X is increasingly turning to trading and investment apps as a way to make micro-investments. So, how can institutions in the trading industry offer Gen X the seamless digital payment experiences they are looking for?

Brite Payments consumer research: 60% of Gen X say instant payouts are important in the Trading industry

A recent report conducted by Brite Payments (April 2022) shows that 60% of Gen X consumers believe instant payouts are important in the trading industry. This was higher than any other generation surveyed, showing that the trading industry needs to start leveraging instant payouts as a way to increase user satisfaction among Gen X as well as increase payment frequency.

Instant is becoming the new normal. If financial institutions want to attract and retain a Gen X audience they need to offer instant payouts through a frictionless experience that is available 24/7/365. 

Why trading needs to embrace instant payouts

Trading and investment platforms that offer instant payouts offer several advantages over their competitors who don’t. 

With instant payouts, you can enable your customers to swiftly make a trade before the market moves and access their invested funds quickly when they need it. Instant payouts provide a seamless experience to quickly transfer funds to their bank account. 

Brokers can experience high drop-off rates between registration and first trade. An instant payment and payout option makes it possible for your customers to fund their accounts with a frictionless experience. Customers will notice how quickly they can access their funds or add additional funds. This will increase customer loyalty and build trust with them. This in turn can lead to increased activity and higher deposits as the consumers are aware that the funds can turn around quicker.

A possible explanation for why instant payouts are important for Gen Xers is that in comparison to the previous generation they have less money saved and greater debt. Fast access to their finances is of greater importance to them than other generations when managing their cash flow. 

Use Brite Payments to offer instant payouts

Being able to offer instant payouts will position your brokerage or trading and investment platform to capitalise on the demand for fast withdrawals. Trading and investment platforms offering instant payouts provide a tangible benefit to consumers. You can quickly differentiate yourself from competitors and increase consumer satisfaction.
Make instant payouts simply and securely with Brite – the next generation of payment solutions.

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