BROOKFIELD, Wis. (12/16/13)--Smartphones and tablets are changing the bill payment landscape, a trend driven by Gen Y thumbs and fingers, sixth annual billing household survey from Fiserv.
Credit unions continue to serve as a key point of receipt for online bill payment and viewing, according to the survey. Ten percent of online households who receive e-bills receive them at both biller and financial institution sites (known as e-bill "double dippers"), mostly because they prefer to pay some bills at biller sites and others at financial institution websites, said the white paper accompanying the report.
Many double dippers prefer to receive e-bills at their financial institution's website because of the greater convenience (75%) and personal financial management tools (44%) that accompany it.
As the number of payment channels continues to grow, a continued shift occurs in the channels consumers use to pay bills, the paper said. The percent of online households paying at least one bill a month by check declined to 53% in 2013 from 61% in 2012. The number that use their mobile phone to pay bills doubled to 16% from 8%.
Consumers also continue to use multiple payment methods, with 83% opting for two or more payment methods monthly, the white paper said. The average number of bill payment methods consumers use increased more than 10% in 2013 from 2012, rising to 3.2 from 2.9. Two out of three consumers believe it is important for billers to offer multiple ways to pay bills. The Gen Y effect is evident here as 74% of Gen Y respondents consider offering multiple payment options important, compared with 67% of all respondents.
Other findings from the survey:
- More than half (57%) of U.S. online households own a smartphone, up from 47% in 2012.
- Consumers who pay bills with their mobile phone do so primarily because it is convenient (70%), provides anytime access (55%) and saves time (49%).
- The top reason consumers would visit a biller website via a mobile device is to pay a bill and the top function they want from a mobile website or biller app is the ability to pay a bill.
- The average number of bills paid by mobile bill payers increased 19% in 2013 from 2012.
- Biller mobile sites and financial institutions apps are increasingly used for paying bills.
- The top barriers to making a payment on a mobile phone are a preference for computers in paying bills, security and difficulty navigating a smaller screen.
To download the study, use the link.