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How To Convert 22 Million Americans To Fi Bill Pay Product Image

How To Convert 22 Million Americans To Fi Bill Pay

  • ID: 2252957
  • September 2012
  • 38 Pages
  • Javelin Strategy & Research

FEATURED COMPANIES

  • Bank of America
  • Citibank
  • JPMorgan Chase
  • Wells Fargo
  • MORE

The number of U.S. consumers who pay bills through their primary bank or credit union is on an unacceptable five-year course of stagnant growth. Therefore, financial institutions (FIs) urgently need to target the 22 million Americans who are one step away from converting to FI bill pay and to renovate bill-pay offerings to accommodate consumers' expectations in an era of interactive finance. Online consumers have clearly established their preference for paying bills online rather than offline, but they remain torn between paying at biller websites and paying through their primary financial institution. This prescriptive follow-up report to Javelin's “2012 Online Banking and Bill-Payment Forecast” identifies three top-priority investments to address areas where FI bill pay fails to measure up to paying bills at biller websites, as well as five key messages that are likely to be most effective at winning over banking customers who prefer paying at biller websites.

Primary Questions

- Can banks and credit unions increase bill-pay adoption by targeting consumers who are less tech-savvy?

- Which consumers should be targeted first?

- Which has the READ MORE >

FEATURED COMPANIES

  • Bank of America
  • Citibank
  • JPMorgan Chase
  • Wells Fargo
  • MORE

OVERVIEW

METHODOLOGY

EXECUTIVE SUMMARY

KEY RECOMMENDATIONS

FLATLINING GROWTH SPOTLIGHTS URGENT NEED FOR INVESTMENT AND TARGETED MARKETING

AMERICANS ARE VOTING WITH THEIR FINGERS: THEY PREFER PAYING BILLS ONLINE (AND ON MOBILE DEVICES)

THREE KEY TECHNOLOGY INVESTMENTS TO BOOST FI BILL PAY

TARGET MESSAGING TO CONVERT 22 MILLION MALLEABLE TRADITIONALISTS AND CAUTIOUSLY CONTENT CONSUMERS

THE ROI OF BILL PAY EXTENDS BEYOND “STICKINESS”

RELATED RESEARCH

COMPANIES MENTIONED

Table of Contents

Figure 1: Methodology: Behavior Definition Used to Segment Consumers

Figure 2: Potential Gains in Total FI Bill-Pay Users

Figure 3: How Average Online Consumers Pay Bills

Figure 4: How Online Consumers Pay Seven Common Bills

Figure 5: Top Three Performance Gaps (FI Bill Pay vs. Biller Direct)

Figure 6: Malleable Traditionalists' Typical Method of Payment for Common Bills

Figure 7: Malleable Traditionalists' Important Factors in Choosing a Bill-Pay Method

Figure 8: Cautiously Content Consumers' Typical Method of Payment for Common Bills

Figure 9: Cautiously Content Consumers' Important Factors for Choosing a Bill-Pay Method

Figure 10: Online Banking Loyalists' Important Factors for Choosing a Bill-Pay Method

Figure 11: Five Areas of Vulnerability for Biller-Direct Payments

Figure 12: FI Bill-Pay Habits by ROI Type

Figure 13: Potential Increase in Paper Turnoff from Converting Customers to FI Bill Pay

Figure 14: Conviction Gaps in Performance (FI Bill Pay vs. Biller Direct)

- Citibank

- JPMorgan Chase

- Bank of America

- Wells Fargo

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