BROOKFIELD, Wis.—Today's consumer uses an average of three different payment methods each month, from online to mobile to walk-in and even the occasional check, according to Seventh Annual Billing Household Survey from Fiserv.
With today’s abundance of options to pay and receive bills, consumers increasingly value choice – and choice leads to increased customer satisfaction, the company explained.
“Consumers are coming to expect multiple billing and payment options from billers of all types and sizes,” explained Eric Leiserson, senior research analyst for Fiserv. “A consumer may choose to pay their mortgage via their bank’s bill pay site, send a check for a doctor’s bill through the mail, and have their electric bill automatically billed to a debit card. They may also choose to receive their bills electronically at their bank or credit union versus getting a paper copy in the mail.”
The survey revealed that 43% of consumers said having multiple billing and payment options improves satisfaction with their biller. Sixty percent of consumers said being able to pay with a mobile device increases their satisfaction with a biller.
The number of mobile bill payers grew by 69% in 2014 and smartphone bill payers pay an average of two bills a month from their phone.
When a payment is late or nearly late, consumers want and need multiple options for making urgent, same-day payments, the study shared. Fifty-seven percent of consumers said they would be more satisfied with a biller if or when emergency payment options are made available, and 75% said those options strengthen their relationship with a biller. When asked about emergency bill payments made through a financial institution’s online bill pay service, 52% of respondents said having such an emergency payment option would increase their satisfaction with their bank or credit union.
The survey found that 43 million households are interested in setting up mobile bill pay due date alerts to help avoid late or missed payments. Seventy-seven percent of respondents said that digital bill pay reminders would enhance customer satisfaction, and also increase the likelihood of adopting e-bills.
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