The new report provides an understanding of current U.S. bill-pay market, characteristics of bill-pay customers, and tactics being deployed by financial institutions that are interested in keeping and attracting bill-pay transactions in order to retain this critical consumer interaction.
During the last several years, there has been a steady exodus of electronic bill-payment (bill-pay) transactions from financial institutions in favor of paying the billers directly through digital channels. The author's latest research report, Bill Pay: Fast and Simple Wins, discusses why and how banks and credit unions could staunch this outflow.
Most financial institutions do not charge fees for electronic bill payment despite the expense of maintaining a bill-pay system. That is because consumers expect the service to be included in their monthly checking account fee or in the balances they need to carry. But bill pay is a product that keeps consumers coming back to the financial institutions' web and mobile sites, which leads to frequent interactions and opportunities for a bank or credit union to communicate information to its customers or members and offer financial advice.
Highlights of the report include:
- Overview of the current bill-pay market
- Bill pay's role in banking relationships
- Proprietary survey data showing U.S. consumers' bill-pay channel preferences
- Growth of online and mobile channels for bill pay
- Tactics that financial institutions are deploying to retain bill pay customers.
Key Topics Covered:
1. Executive Summary
2. Bill Pay, a Critical Banking Function
3. Bill Pay's Role in Banking Relationships
4. Billers Are Winning Over Bill-Pay Customers
5. Importance of Keeping and Winning Back FI Bill-Pay Customers
6. Emphasize the Advantages of the Financial Institution's Bill-Pay Service
7. Other Trends in Bill Pay
- Square Cash
For more information about this report visit http://www.researchandmarkets.com/research/8wwvdl/bill_pay_fast