A Consumer Snapshot: Online Banking and Bill Payment through 2010 and Beyond
"Online banking (OLB) and online bill payment (OBP) at bank and credit union websites have become mainstream services. In fact, the growth rate for both services has significantly outpaced the growth rate for Internet usage during the past 10 years. Consumers who use online bill payment have developed deeper relationships with their financial institution. The bill payment marketplace has become increasingly fragmented and consumers, particularly younger consumers, are displaying an affinity for emerging financial technologies."
Industry Resource
The above findings are from the "2010 Consumer Billing and Payment Trends Survey," a Fiserv Consumer Insights study that provides summarized results of the latest Fiserv national online consumer survey (the tenth in a series conducted since 2001). The Consumer Billing and Payment Trends survey is designed to identify ongoing and emerging trends in online banking and bill payment, including: online banking through financial institutions' websites; online bill payment at financial institutions' and billers' websites; viewing and paying electronic bills at financial institutions' and billers' websites; and emerging technologies, including mobile banking, person-to-person payments (P2P) and personal financial management (PFM).
Additional detailed discussion in the survey focuses on the future direction of financial institutions -- specifically, persuading current users to increase activity, continuing promotion of the benefits of online banking and bill payment and expanding offerings to include emerging technologies at the financial institution website.
The Consumer Billing and Payment Trends survey from Fiserv offers this insightful conclusion: "The results of the survey showed that online banking and bill payment have become mainstream services used by a varied population that reflects the overall U.S. population. They also revealed new challenges that require financial institutions to continue to refine and promote their online banking and bill payment services, particularly among existing users, while expanding their offerings to include emerging banking and payment technologies."
