The great digital shift is transforming the way we interact with all kinds of businesses, including the banks and billers that consumers interact with to charge their obligations.
PYMNTS research reveals that 66% of consumers pay at least a portion of their bills directly to the biller or service provider – exceeding the 40% of consumers who use their digital bill payment services. banks to pay some of their bills, and about 10% who use personal finance apps to make payments.
In “The Flexibility Factor: Mapping Consumer Demand for Bill Payment Innovation”, a PYMNTS and BillGO collaboration, 2,261 adult consumers said they wanted convenient payment options that offer more control over how they track and pay their upcoming bills. About 69% of consumers want invoice planning features. Consumers appreciate the ability to pay their bills before due dates and get real-time payment confirmation and other features.
See also: The Flexibility Factor: Mapping Consumer Demand for Bill Payment Innovation
But a significant percentage of consumers are still reluctant to embrace online bill payment. Of those consumers “opting out†for lack of a better term, 63% said there was “no reason to change†because the change was “not worth itâ€. About 8% said their banks did not have the tools.
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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK
On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.
