Overview

Javelin’s 12th annual online banking and bill payment forecast highlights two critical trends for the workhorse digital channel and the essential chore of paying bills:

  • Online banking still has a big upside. Javelin's segment of the pioneering mobile-minded Moneyhawks™, as well as the online-centric Traditionalists are looking for online banking to provide the integrated omnichannel experience. FIs have an opportunity to encourage more activities such as bill paying, money moving, and monitoring alerts.
  • This is a milestones period for FI bill pay. Moneyhawks are viewing and paying bills at banks and credit unions rather than at biller websites and by checks. They are seeking better ways to manage a larger stack of bills and opportunities to pay with credit and debit cards.

Primary Questions:

  • If adoption of online banking is effectively tapped out, what are the best ways for FIs to increase customer engagement?
  • Can FIs increase the profitability of online banking?
  • Are FIs finally becoming the first place Americans turn to pay bills, rather than logging in online at biller websites?
  • Are third-party bill payment players ready for a bigger role?
  • How can FIs position online banking and bill payment features to maintain the loyalty of the fickle, mobile-savvy Moneyhawks and deepen the digital engagement of the faithful online-centric Traditionalists?
  • What are the cutting-edge Moneyhawks doing today that will become digital necessities for customers overall in the near future?

Companies Mentioned:
ACI Worldwide, American Express, Apple, BB&T, Check, clearXchange, D3 Banking, Digital Insight, Dwolla, Finovera, FIS, Fiserv, Geezeo, Google, H&R Block, Inlet, Jack Henry, MX, PayPal, Pitney Bowes, Q2, Regions Bank, Square, U.S. Bank, Venmo, and Yodlee.

Methodology
  • A random-sample panel of 8,792 consumers in a May 2014 online survey. 
  • A random-sample panel of 3,100 consumers in an August/September online survey.