Banks, Billers, and Technologists: The Future of Bill Pay and a Customer Centric Approach to Driving User Engagement
Online bill payment volume has nearly doubled to 9.5B transactions annually over the last decade. If you haven’t been following the ongoing shift for online bill pay market share, here’s the current score: Direct billers capture 76% of all online bill payments, (up from 62% in 2010), compared to 22% for financial institutions (down from 38% in 2010) and 2% for big tech/fintech (with momentum building).
Online bill pay for financial institutions was once considered a coveted sticky service that delivered strong customer convenience and retention. Now, for many financial institutions, it’s considered a commoditized and expensive cost center as consumers have been flocking to direct biller and big tech/fintech sites who have done a great job at making it even easier for consumers to access and pay their bills. Join Aite-Novarica and a panel of leading industry executives from Citizens Financial Group, PayPal, and Payveris, a division of Paymentus, for an engaging discussion that explores the future of bill pay and how a customer-centric approach drives value for all parties.