FIs Can Convert 22 Million Americans to Their Bill Pay Model

Sep 12, 2012

FIs Can Convert 22 Million Americans to Their Bill Pay Model

Javelin’s Strategic Report Identifies Three Key Investments to Jolt Flat-Lining Bill-Payment Growth

San Francisco, CA, September 12, 2012 – The banking industry can jolt online banking and online bill pay back to life by converting 22 million Americans who already pay bills online at biller websites, according to a report released by Javelin Strategy & Research. Javelin’s “how-to” report recommends three top-priority investments and five marketing messages that will best tempt consumers to break their habit of paying bills at biller websites, and assesses the return on investment for FIs.

FIs can Spur Adoption by Converting Consumers

Building on Javelin’s 2012 Online Banking and Bill-Payment Forecast report last month, Javelin’s current report details how FIs can reposition their bill pay offerings as part of a broader -- and smarter -- money management set of tools. Consumer preference for paying bills online at their FIs outweighs their preference for paying bills at biller sites, with consumers opting to pay 4 of 7 common bills online at FI sites. However, billers retain a strong lead for payment of other bill types. FIs can rejuvenate their offerings in three critical areas to meet consumers’ needs and convert customers who are “one step away” from establishing the habit of paying bills at their primary FI.

“The future of banking is going to evolve rapidly from “view + do” to a mindset of providing “view + do + advice,” said Mark Schwanhausser, Director of Multichannel Financial Services at Javelin. “It’s time for banks and credit unions to raise their aspirations beyond being an efficient pipeline for paying bills to instead become a place where customers gain control, oversight and insight into their bills, spending, cash flow and overall finances.”

Javelin's How to Convert 22 Million Americans to FI Bill Pay report is based on an online survey of more than 5,000 consumers. The report compares the attitudes and preferences of consumer who use of FI bill pay and biller-direct, profiles key consumer segments that FIs need to target, and recommends the steps FIs need to take to succeed. Companies mentioned include Bank of America, Citibank, JPMorgan Chase, and Wells Fargo

Learn More: How to Convert 22 Million Americans to FI Bill Pay

Related Javelin Research

About Javelin Strategy & Research
Javelin Strategy & Research provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.

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