In an effort to generate fee revenue, some banks and credit unions have begun offering expedited bill payment through their online bill pay platform. Auditing a sample of institutions that offered expedited bill payment revealed that none extend this feature to their mobile banking platform.
Why not? Wouldn’t you think that when someone pays a bill with their mobile phone, they probably require, expect, or assume the payment to be expedited?
A survey visitors of visitors to FindABetterBank found that a whopping 28% of respondents have paid bills using their mobile phone within the last month. But while many indicate they use a mobile banking app from their bank or credit union, far more use biller-direct services.
Last-Minute, Rush Needs Drive Usage of Mobile Bill Payments
Banks and credit unions must not stand still, or they will lose control over payments — it’s a big piece of a primary banking relationship. Providing expedited bill payment through mobile banking keeps customers from using other payments providers. Unfortunately, banks and credit unions can’t charge a fee for this service because when consumers pay bills using billers’ services, they get the same immediacy without a fee.