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eBill Payment Timing: Unfulfilled Consumer Desires are a Looming Threat to Loyalty

DateMay, 2005
Pages16
Price / format€2675 / Hard Copy
€2675 / Electronic

€2 675 

Report Information | Custom-Tailored Research | Product Trade Lead


Abstract:
 To date, electronic bill payment has been adopted by 39% of consumers, leaving a large untapped marketspace still available as product capabilities evolve. This report 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 (sameday)and not several days in advance of when payments are made (advance deduction)

- How would a potential shift from advanced to sameday 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 realtime payments on their bottomline
profits?









Table of contents:
 I. Overview
II. Major Findings
III. General Findings
Consumers Prefer to Have their Funds Debited from their Accounts the Day Payments are Made to Billers
Consumers Do Not Know their True Payment
Debiting Method
Banks Choice of Payment Deduction Timing Will Affect its Bill Pay Growth
CSP Versus BillerDirect
Market Share is Dependent on Institution's Choice of Debiting Method
I.V Conclusions
Summary of Major Findings
V. Appendix: Methodology

Table of Charts
V. Those Who Perceive SameDay are More Satisfied With Payment Timing of Payment Debiting
VI. Respondent's Perception of Bank's Payment Debiting
Method
VII. Bank's Future Shift to Advance Deduction Will Significantly Decrease Satisfaction
VIII. If FI Changed from Advanced Deduction to SameDay, Satisfaction Would Increase
IX. Most Perceive that Billers Offer SameDay
Payment Debiting




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