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Online Bill Pay Longevity and Lifetime Value Study
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Aspen Marketing Services, working with CheckFree, now part of Fiserv, and a top 10 financial institution, performed a comprehensive analysis of offline and online banking customers to understand how online bill usage impacts both profitability and customer churn. They found households that use online bill pay are up to 271 percent more profitable and 76 percent less likely to churn than households that do not. They also found that new online bill payers show a dramatic increase in profitability after adoption, delivering 15-20 percent more profit after adopting bill pay. Further, they discovered that bill pay data is a unique and incremental source of data that can be leveraged to predict a range of important outcomes, including churn, cross sell and future profitability. This paper demonstrates that, rather than just being a simple cost center, online bill pay can be a valuable tool to drive profit, reduce churn and predict future customer behavior.
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COUNTRY: United States |
INDUSTRY: Banking |
SOLUTION: Electronic Billing & Payment Solutions and Online Banking Solutions |
PUBLISHED: 2009 |
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