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2013 Online Banking And Bill-Payment Forecast: 29 Million Holdouts Primed For FI Bill Pay - Product Image

2013 Online Banking And Bill-Payment Forecast: 29 Million Holdouts Primed For FI Bill Pay

  • Published: September 2013
  • Region: United States
  • 28 Pages
  • Javelin Strategy & Research

FEATURED COMPANIES

  • Bank of America
  • Chase
  • Check (formerly Pageonce)
  • Citigroup
  • MyCheckFree
  • PNC Bank
  • MORE

Javelin's 11th annual online banking and bill-pay forecasts reinforce that adoption will remain unacceptably flat through 2018 unless financial institutions take action to upgrade services, counter misconceptions about paying bills at FIs, and specifically target 29 million Americans who are only one step away from paying bills at their bank or credit union.

The priority list of holdouts is topped by a newly identified segment of nearly 11 million Digital Drifters, defined as consumers who bank online and use mobile banking but do not pay bills at their primary FI. This report identifies four upgrades and four marketing messages that will be most influential to win over this young, tech-savvy, mobile-minded segment of consumers who crave control as they monitor and manage their growing financial resources.

Primary Questions

- What is the five-year outlook for online banking and bill payments at financial institutions and at biller websites?

- How can the banking industry spur growth in bill payments at FIs?

- Why are mobile expectations and mobile banking the key to boosting adoption of bill pay at FIs?

- Are giant U.S. banks beating smaller READ MORE >

Overview and Primary Questions

Methodology

Executive Summary

Key Recommendations

2013 Forecast if Bankers Fail to Act: Flat, Flat, and Continued Flat

Why Stagnant Growth Poses a Bigger Problem for Smaller Institutions

Million Americans Are Primed to Pay Bills at Banks and Credit Unions

Introducing the Digital Drifters

Appendix

Related Research

Companies Mentioned

Table of Figures

Figure 1: Methodology: Behavior Definition Used to Segment Consumers
Figure 2: Forecast: Online Banking and Bill Pay Forecast (2007-2018)
Figure 3: Weekly Usage of Online and Mobile Banking (by Size of FI)
Figure 4: Javelin Outperform: Weekly Usage of Online Banking by FI
Figure 5: Monthly Online Bill Payment Usage (by Size of FI)
Figure 6: Potential Gains in Total FI Bill-Pay Users
Figure 7: FI Bill Pay Forecast Scenarios Through 2018 (in Households)
Figure 8: Digital Drifters and Moneyhawks at a Glance
Figure 9: Digital Drifters Important Factors in Choosing a Bill-Payment Method
Figure 10: Top Four Performance Gaps (Biller Direct vs. FI Bill Pay vs. Third-Party Services)
Figure 11: Four Performance Gaps That FIs Can Close More Easily
Figure 12: Forecast for Households Banking Online (2007–2018)
Figure 13: Forecast for Households Paying Bills at FI Websites (2007–2018)
Figure 14: Forecast for Households Paying Bills at Biller Websites (2007–2018)

- Bank of America
- Chase
- Check (formerly Pageonce)
- Citigroup
- MyCheckFree
- PNC Bank
- Quicken
- SunTrust Bank
- U.S. Bank
- USAA
- Wells Fargo

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