The great digital shift is transforming the way we interact with all manner of companies — including the banks and billers with which consumers interact to get their obligations paid.
PYMNTS research finds that 66% of consumers pay at least some of their bills directly to the biller or the services provider – that tops the 40% of consumers who use digital bill payment services from their banks to pay some of their bills, and the roughly 10% who use personal finance apps to make payments.
In the report “The Flexibility Factor: Mapping Consumer Demand for Bill Payment Innovation,” a PYMNTS and BillGO collaboration, 2,261 adult consumers said they wanted convenient payment options that offer more control over how they track and pay their upcoming bills. About 69% of consumers want bill scheduling features. Consumers value the ability to pay their bills by the due dates, and to get real-time payment confirmation and other features.
But a significant percentage of consumers are still hesitant to embrace online bill payment. Of those consumers “opting out,” for lack of a better term, 63% said there was “no reason to change,” as the change would not be “worth” the time. Roughly 8% noted that their banks do not have the tools.