Fiserv Research Reveals the S-Factors of Billing and Bill Payments - Speed, Security and Satisfaction
- Consumers want a bill payment experience that is as easy, convenient and intuitive as a push of the button
- More than eight in 10 surveyed say that real-time or same-day bill pay processing is important
- Survey results show 65 percent of consumers say going directly through the biller and bank are the most secure ways to receive and pay bills
"In today's on-demand economy, consumers have the entire world at their
fingertips. With so much available, consumers have been conditioned to
expect real-time service in every aspect of life - including billing and
bill payments," said
The Survey revealed the following insights:
Need for Speed: Consumers want a fast and easy way to pay bills. Speed and convenience drive payment channel choice. Not only is payment processing expected to be faster, but the payment interaction is expected to be faster as well. One in four households report using the non-registered "guest checkout option" at biller sites for convenience and to avoid entering passwords. More than eight in 10 households surveyed say that real-time or same-day processing is important to very important.
Security is Top of Mind: More than 27 million bill payers are more concerned about security than they were a year ago. In terms of consumers' perceptions of the most secure ways to receive and pay bills, bank bill pay and biller direct options are virtually tied (32 percent and 33 percent, respectively). These are followed by mail (25 percent), email (eight percent) and nonbanking sites (two percent). In addition, plastic is seen as more secure than ACH, with 57 percent of people saying they view credit, debit or prepaid cards as the more secure options compared to ACH.
Consumers Demand Choice: Providing multiple bill payment options increases satisfaction, and the link between payment options and customer satisfaction strengthened significantly in the past twelve months. Overall, seven in 10 respondents say that options for multiple ways to pay increase their customer satisfaction. This represents a 43 percent increase over the 2014 Survey. Paperless electronic bills are a top satisfaction driver with 66 percent of consumers surveyed indicating receiving electronic bills increases their satisfaction with billers. Another 36 percent say the availability of paperless electronic bills makes them less likely to switch to a competitor.
Payment channel switching has become the norm for consumers as the vast majority of bill pay-omnivore households expect more options than ever. Nearly 21 million households change how they pay bills from one month to the next, a 40 percent increase from last year. They adjust their payment approaches to suit their daily needs, depending where they are and what device they have access to at that moment, with the average consumer using 3.6 different payment methods each month - up from 2.9 a year ago.
"Consumers expect all billers, regardless of size and industry, to offer a range of convenient, secure, high-quality billing and bill payment options - any time, any channel, any payment type. They increasingly make use of available options depending on their needs. Wherever and whenever transactions are now the norm, and billers must keep pace to meet customer expectations and drive satisfaction - or - fall behind," added Lester.
The Fiserv Annual
In a world that is moving faster than ever before,
- Mobile Billing and Payment: Consumer Preferences and Billers' Strategic Response - www.fiserv.com/Biller-Mobile
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