Ten years ago, approximately 40 percent of U.S. consumers paid their online bills using bank-hosted bill pay tools and technology. As of last year, barely 2-in-10 consumers did so.
What happened?
As we explain in our newly-released whitepaper, What Consumers Want in Bill Pay Technology, during the last decade most consumers (and we’re talking Boomers, Gen X, Millennials, and Gen Z here) simply outgrew the limitations inherent in the legacy bill pay products most financial institutions (FIs) provide.
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Once cutting-edge, those legacy products are now viewed as passé in terms of the functionality they offer. The simple fact is, when logging on to pay bills, today’s busy, digitally-proficient consumers expect the same sort of smooth online interaction they encounter when visiting Amazon, Airbnb, PayPal, Apple or any other of the leading digital brands. Legacy bill pay technology completely misses that mark.
This isn’t speculation or hype. BillGO spent much of 2020 gathering data and insights to determine exactly what consumers want in bill pay technology. This research started with sponsoring an in-depth survey of more than 3,000 consumers to find out what they are looking for - and what they do not want - when paying bills. We then augmented our findings by hosting a series of exclusive webinars that brought together top-level banking executives, industry analysts and other experts who all shared their first-hand insights about consumer bill pay preferences.
What the Research Reveals
All of our research and fact-gathering confirmed the following: when paying and managing bills, consumers - your customers - want speed, choice, intelligence, visibility and peace of mind. Equally important, they want a best-in-class digital experience. Anything less and your customers will likely look elsewhere.
In order to help get the word out and alert payments executives about consumer bill pay needs, we pulled together many of the key findings and research and assembled it in a complimentary, six-page whitepaper entitled What Consumers Want in Bill Pay Technology.
Subtitled Why FIs Must Embrace Modern Bill Pay Technology to Keep Pace with Customer Expectation, the whitepaper not only offers information and graphics detailing consumer preferences and priorities, but also explains the important role optimized bill pay technology can play in driving customer satisfaction and retention.
Next Steps
What Consumers Want in Bill Pay Technology offers a concise overview of today’s bill pay landscape - what consumers want and how FIs now have an opportunity to regain and retain customers by modernizing the bill pay tools and technology they offer.