Did you know 33 percent of consumers expect their bill payments to be processed instantly? Another 23 percent are slightly more patient: they’re willing to wait one hour for their bill payments to clear.
That’s right. As consumer demand for real-time bill payments gains momentum, there is more pressure than ever for financial institutions (FIs) to deliver on the promise of real-time bill pay in order to keep pace with their customers’ expectations.
Those two statistics confirm the need for real-time bill payment, but they make up only a small portion of the three full pages of exclusive Mercator Advisory Group data included in BillGO’s newly-released eBook, Winning the Battle for Bill Pay.
The new eBook — which is an expanded version of last year’s The Battle for Bill Pay — not only includes recent findings from Mercator, it also includes two years worth of data and research BillGO commissioned from Aite Group and PYMNTS as well as additional third-party research. Combined, the newly-released eBook offers a comprehensive overview of what today’s consumers want in bill pay technology and what forward-looking FIs and fintechs need to deliver in order to meet consumer expectations.
Where the 2021 eBook made a strong argument for FIs to invest in modern bill pay technology, the expanded 2022 edition turns up the dials, delivering a nearly iron-clad case why FIs must replace the legacy bill pay technology they've been offering their customers for decades.
As Dan Holt, BillGO CEO, says in Winning the Battle for Bill Pay: “When you consider consumer anxieties around credit scores and late fees, it’s clear that offering real-time payment tools is imperative if FIs hope to pull ahead of direct billers in meeting consumer needs.”
Holt adds, “financial institutions have seen the need to update their bill pay platforms and are collaborating with fintechs to fast-track bill pay enhancements.”
But the importance of real-time bay payment technology is only one of the topics explored in the new eBook. Winning the Battle for Bill Pay also details:
- The pain points, preferences and priorities consumers juggle each month when negotiating their financial obligations
- Why many mainstream FIs continue to miss the mark in meeting their customer bill pay needs
- The reasons behind consumer demand for more payment choices when paying bills
- How subscription services have accelerated the need for real-time bill pay capabilities
This new eBook is a must for executives seeking insights into what their customers want and demand in bill pay technology.
Download your complimentary copy now to get the full picture of what your customers expect in bill pay technology in 2022.