17 Settlement Claimant Satisfaction Metrics Every Administrator Should Track

Comprehensive data compiled from extensive research on legal technology transformation and payment innovation

Key Takeaways

• Digital adoption is now mainstream — 92% of consumers have used digital payments, with over 90% preferring alternatives to traditional checks for bill payments
• Processing speed creates competitive advantage — 80% of ACH payments settle within one business day versus 5-10+ days for checks, transforming client satisfaction
• Security advantages are overwhelming — Multi-factor authentication provides 99%+ protection against breaches while check fraud remains the top payment threat
• Technology adoption accelerates across legal — Cloud platforms report 79% AI tool usage, representing 316% growth from 2023 baseline
• International capabilities transform settlements — 50% of cross-border payments complete within 30 minutes, with 90% completing within 24 hours

Consumer Adoption & Preferences

1. 92% of consumers have used digital payments in the past year

McKinsey research shows widespread digital payment adoption across demographics. This mainstream adoption creates expectations that settlement administrators must meet — recipients who use digital payments in their daily lives expect the same convenience and speed from settlement distributions. Source: McKinsey Digital Payments

2. 74% of consumers used faster payment services in the past 12 months

Federal Reserve research reveals that about three-quarters of consumers used a faster payment service in the past 12 months, with 57% expecting to use faster payment options more extensively in the future. This demonstrates the widespread consumer adoption of faster payment methods that settlement administrators should consider. Source: Federal Reserve Research

3. 86% of businesses used faster or instant payments in 2023

Federal Reserve studies show that 86% of businesses said they used faster or instant payments in the past 12 months, with 74% reporting they look to their financial institution to provide these services. This business adoption creates ecosystem momentum that benefits settlement processes. Source: Federal Reserve Financial Services

Processing Speed & Efficiency

4. 80% of ACH payments settle within one business day versus 5-10+ days for checks

NACHA data confirms that 80% of ACH payments settle within one business day, with Same Day ACH handling payments up to $1 million with three daily settlement windows. This dramatic improvement directly impacts client experience, as 75% of consumers cite speed as the most important factor when preferring instant payments. Source: NACHA Settlement Data

5. Same Day ACH payment volume topped 1 billion payments in 2024

NACHA reported that Same Day ACH payment volume surpassed the 1 billion mark with more than 1.2 billion payments for the year, valued at $3.2 trillion. From 2023 to 2024, Same Day ACH volume soared 45.3%, demonstrating accelerating adoption of faster payment methods. Source: NACHA 2024 Results

6. 72% of consumers prefer instant payments when offered

Federal Reserve and PYMNTS research shows that when given the opportunity to receive instant payments, 72% of consumers say "yes," with 62% indicating they would opt for instant payments if given the chance. This preference spans various income types beyond just wages. Source: Federal Reserve and PYMNTS Research

Security & Fraud Prevention

7. Multi-factor authentication reduces compromise risk by 99.22%

Microsoft's comprehensive research using Azure Active Directory data shows multi-factor authentication reduces the risk of compromise by 99.22% across the entire population and by 98.56% in cases of leaked credentials. Even when credentials are leaked, MFA provides outstanding protection for settlement payment systems. Source: Microsoft MFA Research

8. Check fraud remains the payment method most frequently targeted by fraudsters

AFP fraud surveys show check fraud remains the payment method most frequently targeted by fraudsters, with 63% of organizations experiencing attempted or actual check fraud in 2024. Meanwhile, digital payment platforms provide multiple layers of security that traditional checks cannot match. Source: AFP Fraud Survey

9. Only 22% of organizations recover 75% or more of fraud losses

The AFP Survey reveals that when settlement payments are compromised, recovery rates have plummeted from 41% in 2023 to just 22% achieving substantial recovery in 2024. This dramatic decline means fraud victims face permanent financial damage that digital payment systems can better prevent. Source: AFP Press Release

Technology Adoption in Legal

10. Legal professionals using AI increased from 19% to 79% in one year

Clio's 2024 Legal Trends report reveals this dramatic adoption rate among their cloud-forward user base, up from just 19% in 2023. This 316% increase demonstrates the legal industry's rapid embrace of technology that can streamline settlement administration processes. Source: Clio Legal Trends

11. 74% of law firm billable tasks can be automated with AI

According to Clio's analysis, 74% of a law firm's billable tasks can be automated with AI. Most of these are traditionally performed by administrative assistants (81%), but a significant number are typically handled by paralegals (69%) and lawyers (57%) too, showing automation potential for settlement processes. Source: Legal Industry Analysis

12. Only 33% of law firms responded to client emails in secret shopper study

Clio's secret shopper study found that of 500 law firms contacted, only 33% responded to emails from potential clients, down from 40% in 2019. This demonstrates persistent communication challenges that digital settlement platforms can help address through automated processes. Source: Clio Secret Shopper Study

Operational Efficiency & Cost Benefits

13. Problem resolution time increased to 2.6 days for traditional banking

J.D. Power data reveals deteriorating performance for traditional payment support, with problem resolution time increasing from 1.9 days in 2023 to 2.6 days in 2024. Digital platforms enable sub-48 hour resolution for most issues through automated systems and comprehensive self-service portals. Source: J.D. Power Banking Study

14. Digital wallet usage grew 32% among consumers in 2023

Federal Reserve research shows U.S. consumers' use of digital wallets surged 32% in 2023 from the prior year. Business usage of digital wallets grew 31% year-over-year to 62%, driven by large businesses and the service industry seeking efficiency improvements. Source: Federal Reserve Digital Wallet Study

International & Cross-Border Capabilities

15. 50% of cross-border payments complete within 30 minutes

SWIFT processes 50% of cross-border payments to destination banks within 30 minutes, with 90% completing within 24 hours. This represents a fundamental shift from multi-day delays inherent in traditional international wire transfers, benefiting international settlement recipients. Source: Cross-border Payment Performance Data

Consumer Satisfaction & Experience

16. 78% of consumers report being "highly satisfied" with instant payment receipts

PYMNTS research found that 78% of consumers report being "highly satisfied" when receiving disbursements via instant payments. In separate studies, the number of consumers who said they were "very or extremely satisfied" when they received funds in real time climbed to 92%. Source: PYMNTS Consumer Satisfaction

17. Cash usage declining while digital payment adoption increases

The Federal Reserve's Diary of Consumer Payment Choice reveals that consumers younger than age 55 used cash for just 12% of payments in 2023, compared to 22% for those age 55 and older. This generational divide demonstrates the ongoing shift toward digital payment preferences that settlement systems must accommodate. Source: Federal Reserve Payment Choice Study