BROOKFIELD, Wis. (3/11/14)--Billing companies are having a difficult time keeping up with the swelling popularity of mobile bill-pay services, according to results of Fiserv's annual Mobile Bill Pay Benchmark study.
The study, released last week, found that while more than one in four consumers are signing on to billing websites to pay bills, only 15% of billers have put together mobile billing and payment strategies--a critical investment to accommodate the fast-growing demand for Mobile Billing Presentment and Payment (MBPP) services.
"Our research indicates explosive growth of mobile bill payments," said Robert Craig, senior vice president of biller solutions, Fiserv. "Billers have an opportunity to take advantage of this change by offering a consistent, simple and innovative user experience, which can improve customer satisfaction and lower service costs.
"Billers will benefit by delivering a true omni-channel billing and payment strategy to consumers, including a strong mobile presence," he added.
Part of the problem for billers, it seems, stems from a lack of information technology resources. The survey found that 64% of billers couldn't determine whether homepage visits came from mobile devices, and one-third couldn't track which services or activities customers navigated to when they accessed their sites.
More and more, however, billers are acknowledging the value that these services provide. In 2013, 95% of billers viewed MBPP as a way to improve customer service, which is a 36% increase from the previous year.
The survey also revealed a 56% jump from 2012 in billers who are looking at MBPP services to drive e-bill adoption. Further, 69% of those surveyed said cost savings were behind their company's interest in the service.