comScore Networks, a leader in measuring the digital age, today released the results of a study analyzing usage of online bill payment services at leading banks.
Bank bill pay is defined as paying a bill online from a checking, savings, or money market account using the functionality in the bill pay portion of the bank's Web site and where the recipient of the money is not the bank itself.
According to the study, among those consumers who had one or more checking, savings, or money market accounts and who used online bank bill pay during the quarter with a leading financial institution Bank of America achieved 65 percent penetration in Q4 2006. Wells Fargo ranked second in penetration of online bill payers, with a level of 18 percent, followed by Chase and Wachovia (each achieved 13 percent penetration).
"Bank of America's industry leading penetration of the online bill payer market is driven by its large online customer base, combined with broad, ongoing marketing campaigns that have successfully enticed customers to use the bank's online bill pay functionality," said Serge Matta, senior vice president of comScore Financial Solutions.
Percent using online bill pay at leading banks among online direct deposit account holders Q4 2006
Source: comScore Networks
- Bank of America - 65%
- Wells Fargo - 18%
- Chase - 13%
- Wachovia - 13%
"The results of this analysis highlight one of the many reasons why Bank of America is the leader in providing online banking services," said Sanjay Gupta, e-Commerce executive at Bank of America. "That leadership reflects our continued focus on providing consumers with strong online security and solutions that meet their financial needs."