Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Javelin To FIs: Boost Bill Pay On Websites
SAN FRANCISCO (9/27/13)--Financial institutions, including credit unions, can increase household adoption of online banking by 22% by increasing bill payment adoption rates, according to Javelin Strategy and Research's 2013 Online Banking and Bill-Payment Forecast.
 
Without the increase in bill payment penetration, online banking adoption rates are expected to remain flat through 2018, the report said.
 
"Mobility is rapidly rewiring the way consumers think," said Mark Schwanhausser, Javelin Strategy & Research director of omnichannel financial services. "Mobile-toting Americans demand simplicity, any-time convenience, immediate answers, pre-emptive alerts, personally relevant information and advice, an attitude of transparency, and time-saving options--all done safely and securely.
 
"To win converts, bill paying services must satisfy those broad expectations and also offer specific bill-payment capabilities that clearly outperform the methods consumers use today," Schwanhausser added.
 
The report identifies a new segment of nearly 11 million consumers--Digital Drifters, who bank online and use mobile banking but do not pay bills at their financial institution. Most pay bills online through biller websites.
 
More than half of the Digital Drifters perceive that paying bills at the biller's site provides more control over their payments, vs. 39% who say this statement applies to bill payments at a financial institution.
 
Credit unions can reposition their services by emphasizing their legitimate strengths, which Digital Drifters' currently downgrade paying bills at a financial institution in comparison with paying at the biller websites, the report said.


RSS





print
News Now LiveWire
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
1 hour ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
1 hour ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
1 hour ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
1 hour ago
.@federalreserve Gov. Tarullo Wed. became 22nd chair of FFIEC for 2-yr term; succeeds Comptroller of the Currency Curry. 1of2
1 hour ago