Seventh Annual Billing Household Survey from Fiserv
Key insights to improve customer satisfaction and lower costs with optimized billing and payment practices
Since 2008, we have sponsored the industry’s most comprehensive survey to find out...
How
do consumers receive and pay their bills?
Consumers are demanding a wider range of choices in how they manage their bills and payments—whether it’s a single channel or multiple channels.
What
do consumers expect and demand in terms of billing and payments?
Consumers expect choices to meet their needs. Whether it's online or mail, mobile or walk-in, cash or credit cards – consumers desire options.
Where
can billers improve satisfaction and profitability?
Billers can improve satisfaction by making mobile bill pay a priority, giving consumers more payment choices, enabling guest checkout, and offering bill pay reminders.
Eric Leiserson
Senior Research Analyst
Fiserv
Eric Leiserson
Senior Research Analyst
Fiserv
“To improve customer satisfaction, billers should provide easy, convenient options including online banking, mobile, walk-in cash payments, mail, credit, debit and prepaid cards and promote e-bill adoption.”
That's right, 52% of consumers are using 3 or more methods of bill pay.
27%
1
1
21%
2
2
20%
3
3
15%
4
4
9%
5
5
8%
6
6
No, only 48% of households are using one to two billing payment methods. 52% use three or more methods.
27%
1
1
21%
2
2
20%
3
3
15%
4
4
9%
5
5
8%
6
6
The average U.S. household uses
3
different bill payment methods each month
The average U.S. household uses
3
different bill payment methods each month
Click on the faces to explore the top bill payment frustrations
19%
All the paper and clutter
21%
Knowing when to pay and how much
23%
Organizing all the bills and payments
29%
Possibility of late payments
35%
Keeping track of due dates
Bill due alerts and reminders
can increase e-bill adoption and customer satisfaction by helping prevent late payments
Offering multiple bill payment options
eases the pain
and...
increases customer satisfaction
by
43%
by
43%
Mobile bill payers
grew by 69%
between 2013 and 2014
16%
2013
27%
Why?
44%: Easy
41%: Saves Time
34%: Convenient
2014
Why?
44%: Easy
41%: Saves Time
34%: Convenient
Can you guess the most popular way consumers pay via mobile devices?
Mobile app from bank
INCORRECT
Mobile app from biller
INCORRECT
Biller's mobile website
Bank's mobile website
INCORRECT
SMS or text
INCORRECT
App from other provider
INCORRECT
Correct!
60% of mobile bill payers
paid a bill at the biller’s mobile website
60% | Biller's mobile website
56% | Bank's mobile website
33% | App from bank
33% | App from biller
29% | SMS / Text
21% | Other app
Paperless e-bills delivered to bank and biller websites
increase
customer satisfaction
24%
of all U.S. bills are sent electronically
46%
say receiving paperless e-bills increases their customer satisfaction
say receiving paperless e-bills increases their customer satifaction
Bill pay due reminders would overwhelmingly enhance customer satisfaction
Increases
No Impact
Decreases
…and these alerts can boost e-bill adoption
71%
71%
say receiving bill due alerts increases their likelihood of adopting e-bills
The Paperless Generation:
Which generation is the most interested in ditching paper?
Click on each generation to find out.
MILLENIALS
55%
MILLENIALS
GENERATION X
36%
GENERATION X
BABY BOOMERS
30%
BABY BOOMERS
SENIORS
8%
SENIORS
For more insights on how billing and payments influence customer satisfaction
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Boosting Satisfaction and Loyalty with Billing and Payments
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Omni-Channel Strategy for Bill Pay Omnivores
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