Fiserv: Billers Need to Catch Up with Customers’ Mobile Ways
Customer usage of mobile bill pay has grown substantially over the past year, but many billers aren’t keeping up with how their customers want to pay, according to the “Third Annual Biller Mobile Bill Pay Benchmark Study,” commissioned by Fiserv Inc., a global provider of financial services technology solutions.
Nearly 20 percent of consumers visited a biller’s Website from a mobile device in 2014—a 55 percent increase from the previous year—and bill payment was the top reason for doing so. Only 16 percent of billers have implemented a mobile bill pay and presentment (MBPP) strategy, according to the study. Blueflame Consulting polled 128 billing organizations of various sizes and industries, including utilities, telecoms, consumer lending companies and insurance agencies.
In its most recent consumer data, Fiserv found that consumers choose to pay bills using a mobile device for several reasons, including: easy to do (44 percent), saves time (41 percent), convenient when I am on the go (34 percent) and for when I’m not near a computer (32 percent). Billers understand the benefits of implementing a MBPP strategy, but cite several barriers. More than three-fourths said implementing a strategy would challenge their ability to provide the necessary IT resources, 54 percent reported conflicting priorities in their organizations and 43 percent cited security concerns.
“Billers that develop and deploy a sustainable and effective mobile bill pay and presentment strategy will satisfy growing consumer demand, while realizing tangible business gains related to costs, efficiencies and customer service,” said Eric Leiserson, senior research analyst at Fiserv and author of the report.
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