For consumers, paying bills online usually means a time-consuming process of going from one biller site to another, trying to remember user names and passwords. Or paying by phone. Or, yes, even sending a check through the mail.
Only 22% of all bills paid online by consumers are paid through their financial institution’s online bill pay service, according to a 2021 Aite-Novarica Group survey, “U.S. Bank Bill Pay, It’s Time for Resuscitation.” And that’s less than a decade ago.
This trend sends up a red flag for financial institutions, as it indicates unrealized opportunities to drive customer engagement, build loyalty and increase revenue. But what can be done to turn it around?
There’s definitely room for improvement in the eyes of consumers. According to “The One-Stop Bill Pay Report,” a 2022 PYMNTS and Mastercard collaboration, more than half of consumers are open to switching to a centralized, consolidated digital portal, or “one-stop shop,” for managing and paying all their bills. The research showed that 91% of billers receive complaints from customers about how inconvenient it is to pay their bills.
Both consumers and financial institutions benefit from a one-stop bill payment method – available online and through a mobile app. Here’s how:
Financial institution advantages:
The acceleration of digital banking shows that consumers want to perform transactions such as bill pay online and through a mobile app – but like everything else, the process has to be easy, convenient and efficient.
At Fiserv, we offer Checkfree® NextSM, a simple and intuitive one-stop solution for all bill payments on all devices. CheckFree Next helps you keep pace with accountholder needs by providing more engaging bill payment options that accelerate adoption, enhance satisfaction and increase retention.