Consumers using Electronic Bill Presentment & Payment (EBPP) outnumber non-users two-to-one in America's most affluent families, and are 50% less likely to leave their financial institution than non-EBPP users according to new consumer research from Collective Dynamics.
Of the 1000 US consumers interviewed by Atlanta-based Collective Dynamics, 16% currently use an EBPP service, with 65% getting their service from a bank and 30% a portal.
For both users and non-users, the survey investigated how consumers rate programme attributes when selecting an EBPP service.
"Consumers clearly consider monthly price as the most important attribute," says Rich Kisida, a director at Collective Dynamics. "When combined, the three price-related components of an EBPP service - monthly price, number of payments included and additional payment charges, made up 40% of the selection process."
The second most important attribute to consumers was the provider, with a clear preference for banks, he says.
The research was conducted on behalf of EBPP vendor CheckFree, US Bank and Visa.
The results chime with recent research from Celent, which advised banks to put bill payment at the core of their online banking service if they wish to increase market uptake.