Boston, February 15, 2017 – U.S. consumers pay approximately 14.7 billion bills annually, shelling out roughly US$3.9 trillion. Of those, 2.2 billion are paid online via a financial institution’s website or mobile app. But bank bill pay only represents 27% of all online consumer bill payments—consumers pay almost all the rest at each individual biller’s website. So how can financial institutions make bank bill pay more convenient to consumers than the biller-direct model?
This report sizes bank bill pay volume, highlights leading vendors, breaks down the bill payment activity by channel and by institution type, and uncovers insights into how all generations conduct bank bill pay activities. Based on a Q3 2016 Aite Group survey of 2,429 U.S. consumers, the report also analyzes bank bill pay volume and gross dollar value across the top six most popular categories of bills.
This 23-page Impact Report contains 14 figures and nine tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions ACI Worldwide, FIS, Fiserv, Jack Henry & Associates, and Payveris.