When it comes to paying bills, too often the nation’s 37 million underbanked Americans do it the hard and costly way--in cash and in person. The underbanked---those without a checking account---want safe and convenient ways to pay their bills. Mobile offers a convenient channel to reach the underbanked, as more than 1 in 3 of underbanked mobile-phone owners pay bills on their mobile phone. So, what are the opportunities for financial institutions, billers, mobile carriers, and bill?pay innovators to cut processing costs and enhance electronic payments for this underserved segment?
Join Javelin’s industry analyst Mark Schwanhausser as he examines the bill payment needs of the underbanked, including how they typically pay seven of the most common bills. Mark will present recommendations for motivating underbanked consumers to increase their use of online and mobile bill payments.
During the webinar, Mark will answer:
- What is the typical profile of an underbanked consumer?
- What payment methods – cash, checks, prepaid, etc. – do the underbanked use most to pay bills?
- What payment channels – in person, over the phone, with digital payments, etc. – do the underbanked use most to pay bills?
- Are the underbanked willing or able to pay bills online or on mobile devices?
- What technological investments and marketing messages will be most likely to boost the use of online and mobile payments among the underbanked?