Billers Receiving More Mobile Bill Payments, Have High Expectations for the Channel, Shows Fiserv Data
Number of mobile bill payments processed by Fiserv through its biller direct solutions and MyCheckFree website tripled within the past 24 months
Research shows billers turning to the mobile channel to enhance both the customer service and self-service experience, increase paperless billing and meet customer demand for mobile access
Consumers cite time savings, anytime access and convenience as top reasons they pay bills with a mobile device
BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, announced today that the number of mobile bill payment transactions processed through its biller direct solutions and MyCheckFree® website, a direct to consumer payment portal, tripled within the past 24 months, rising from about 4 percent of bill payment transactions to about 15 percent. Biller direct solutions enable consumers to receive and pay bills directly at the company's site, while MyCheckFree enables consumers to receive and pay bills from multiple companies at a single site.
"The rapid growth of mobile bill payments is having a significant impact on billers," said Gwenn Bezard, Research Director, Aite Group. "Billers of all sizes and across all verticals are responding to deliver better mobile bill payment capabilities, with options such as mobile-optimized websites and even company-branded apps, as more consumers turn to their smartphones and tablets to conduct financial transactions."
The Biller Mobile Bill Pay Benchmark Study commissioned by Fiserv indicates that billers are turning to the mobile channel to enhance and extend customer service (94 percent), increase paperless billing (82 percent), increase customer usage of self-service (76 percent) and meet customer demand (74 percent). Details of the study are available in the free white paper "Mobile Bill Presentment and Payment: Creating Value for Billers and Consumers," which can be downloaded at www.fiserv.com/mbpp.
From the consumer point of view, according to the 2012 Fiserv Billing Household Survey, paying and viewing bills are the top functions consumers would like billers to provide via a mobile browser or app. The top reasons consumers paid bills through a mobile device were: it saves time (50 percent), provides anytime access (44 percent) and offers on-the-go convenience (43 percent).
Mobile Billing and Payment from Fiserv gives billers, including utilities, credit card companies, insurers, auto lenders and more, the ability to offer customers multiple mobile interactions including:
Viewing and paying bills via a mobile-optimized website;
Viewing and paying bills via biller-branded apps for Android™ and Apple® devices;
Paying bills and receiving reminders and alerts via text message;
Viewing and paying bills via MyCheckFree apps for Android and Apple devices.
Fiserv is a single source for mobile billing and payment options such as card funded payments and expedited payments, and can offer additional capabilities to help billers make the most of the mobile channel, such as geo-location of walk-in payment locations. Mobile Billing and Payment solutions from Fiserv have each been tested with consumers to ensure a superior user experience tailored for the mobile device through which it is accessed. Each solution is also designed to provide billers with a consistent appearance and user experience across channels - including online, tablet and mobile.
Billing organizations, of every size and across all verticals, are operating in a customer preference-driven landscape. The mobile channel complements other billing and payment channels, delivering greater choice for customers. Billers have reported that incorporating mobile bill presentment and payment solutions can help them increase adoption of lower cost paperless electronic billing.
"Mobile devices are in almost everyone's hands today, and consumers have embraced a digital mobile lifestyle that extends to daily tasks including receiving and paying bills," said Michelle Flint, general manager of electronic billing, Biller Solutions, Fiserv. "Fiserv is aggressively investing in new mobile research and product development to equip billing organizations to harness the opportunities of the mobile channel while also effectively managing its complexities."
"Consumer Adoption of Mobile Bill Payment " Infographic - http://slidesha.re/ViMGSM
"Mobile Bill Presentment and Payment: Creating Value for Billers and Consumers" White Paper - www.fiserv.com/mbpp
Biller Solutions at Fiserv - http://www.fiserv.com/industries/biller-solutions.htm
Fiserv, Inc. (NAS: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
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