Despite the fact that adoption of electronic billing and payment services continues to grow, financial institutions are missing out. Recent growth in the use of these services has come almost entirely from payments made directly to billers, while growth at financial institutions has been incremental at best.
The 13th Annual Fiserv Consumer Trends Survey revealed a bright spot for banks and credit unions, as interest among nonusers in financial institution-provided bill pay services increased by 12 percent over a one-year period, with a third of all non-users saying they would be interested in trying the service. Interest was even stronger among millennials, with 45 percent of current non-users expressing interest. Financial institutions have an opportunity to capitalize on this window of opportunity by marketing the availability and benefits of their bill pay services, with a particular focus on millennials aged 18 to 34.