Consumers Assume Mobile Banking Bill Pay Is Fast, But It Isn’t
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
Base: 1,753 consumers responding to a Shopper Insight Survey on FindABetterBank. Responses have been weighted to reflect U.S. consumers with online access.
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.
