Mobile Bill Pay: Strategies to Grow Adoption and Build Engagement
- Date:December 18, 2014
- Author(s):
- Mark Schwanhausser
- Report Details: 32 pages, 14 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- Mobile & Online Banking
- PAID CONTENT
Overview
The ability to pay bills on smartphones and tablets has the potential to transform the dreaded American chore of paying bills. There’s a lot at stake for financial institutions (FIs), billers, third-party players, technology vendors, and consumers alike. Americans paid an estimated $3.3 trillion annually for just seven important bills in 2014, with mobile payments accounting for $95 billion from the 26% of Americans who made mobile payments. This report, which builds on Javelin’s 2014 Online Banking and Bill Payment Forecast 2014–2019, provides a market-sizing for bill payment, benchmarks the growth in mobile payment, and spotlights key trends and recommendations for upgrading and marketing bill payment services to win over holdouts and consumers as defined by Javelin’s Moneyhawks™ segmentation.
Primary Questions:
- How much do Americans spend annually for seven basic bills (utility bills, mobile phone bills, major credit cards usable anywhere, store-branded credit cards, auto loans, mortgages, and student loans)?
- How many Americans pay bills on mobile devices?
- What will it take to motivate more Americans to make mobile bill payments? What obstacles keep them from trying it?
- Why should billers care about mobile bill payment?
- How can FIs, billers, and third-party services tailor mobile bill payment for their most profitable customers?
Companies Mentioned:
ACI Worldwide, Allied Payment Network, Bank of America, BB&T, BBVA Compass, Capital One, Citibank, Citizens Bank, Comerica Bank, Fifth Third Bank, First Abilene Federal Credit Union, First Financial Bank, Fiserv, JPMorgan Chase, KeyBank, Kofax, M&T Bank, Malauzai Software, Mint Bills or Check (Intuit), Mitek Systems, Navy Federal Credit Union, PNC Bank, Regions Bank, Sovereign/Santander, SunTrust Bank, TCF Bank, Top Image Systems, US Bank, USAA, Wells Fargo
Press Release
Mobile Bill Pay is Small but Growing
Methodology
- 3,100 consumers in an August/September online survey
- 3,509 consumers in a November online survey
Learn More About This Report & Javelin
Related content
Identifying ‘Killer Use Cases’ in Small-Business Instant Payments
Instant payments are proliferating, and business bankers are searching for a set of “killer use cases” to drive widespread adoption. Many businesses are experimenting with instant ...
The Boomers Are OK— and Shouldn’t Be Your Digital Banking Priority
Many banks and credit unions with aging customer bases worry they will alienate Baby Boomers by pouring investments into mobile-first banking to woo younger consumers. But mounting...
Six Alert Flaws That Banks Can Fix Today
Alerts enable banks to initiate meaningful digital conversations and entice customers to log in to learn, seek advice, and act. But a Javelin Strategy & Research analysis of eight ...
Make informed decisions in a digital financial world