7 Ways to Reinvent Paying Bills in a Mobile Era

FI bill pay is at a crossroads — and at a virtual standstill. When it comes to the never-ending chore of monitoring and paying bills, consumers are not about to choose between paying bills through their FI or directly at billers. They have made it clear that they will mix and match whatever payment methods are expedient, even if more would prefer to get the job done using bill pay. That means today’s generation of mobile consumers needs oversight and control of both parts of their bill-payment responsibilities. FIs are in the best position to reinvent bill pay because they could deliver all 40 features spotlighted in this Javelin report, while billers can deliver only eight, and third-party services can provide barely half. Innovation is a word rarely used in context with paying bills at banks and credit unions, but it is necessary, conceivable, and achievable in these seven critical areas: 1) oversight, 2) ease of transacting, 3) cash-flow projections, 4) money movement, 5) P2P payments to housemates, 6) security empowerment, and 7) insight and advice.

• What are the top priorities for FIs seeking to reinvent bill pay?
• What kinds of features should digital strategists build?
• How would these features benefit consumers?
• What segments of consumers would benefit from these upgrades?