Overview
To date, electronic bill payment has been adopted by 39% of consumers, leaving a large untapped market-space still available as product capabilities evolve. In this report, Javelin Strategy & Research presents the results of field research conducted to better understand consumer preferences for various electronic bill payment timing methods, in order to determine how changes in the timing of payment debiting would affect adoption levels and providers profits. Bill payment adoption represents a significant profit-generation opportunity for banks-could a change in payment-debiting method provide the next frontier for improved adoption, and thus profitability?
Sample Major Findings - Consumers prefer to have funds debited from their accounts on the day payments are made to biller (same-day) and not several days in advance of when payments are made (advance deduction).
- How would a potential shift from advanced-to same-day payments debiting affect banks customer satisfaction, adoption and activation levels?
- As more of consumers bill payments become electronic, how can strategists forecast the impact of real-time payments on their bottom-line profits?
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