Last week we discussed how bill payment options have changed. This week we take a look at some of those different options.
Electronic and On-Demand Options
Today, consumers young and old expect technology to be integrated into their everyday lives. This includes viewing and paying bills online. Think it’s only the Millennials and Gen Y consumers that are driving the move to electronic? Think again. Overall, consumer preferences have changed, even for older generations. We’ve gotten more comfortable transacting online—whether it’s to view statements, make purchases or pay bills—and we feel more secure about it. If consumers were once hesitant to enroll, many are now converting, as interacting online has become second nature to us. According to an ebilling Benchmarking Study sponsored by NACHA in 2011, 19.9 percent of wireless phone customers have adopted ebills and no longer even receive paper statements!
Cutting Through the Clutter
Information is coming to us at a record pace. But, the good news is that even in today’s competitive marketplace, transactional documents are opened and read 95% of the time, with the longest “read” time (42.5 seconds) when compared to direct mail (15.2 seconds) or television commercials (19 seconds), according to InfoTrends.
Offering cross-channel solutions in an increasingly “on-demand” environment means offering your customers the freedom and flexibility to decide which channel works for them today, while keeping an eye on options they may lean toward in the future. Although digital is an increasingly popular choice, you will always have some customers who will rely on paper. Whether it’s paper, email, mobile or web presentment, delivering cross-channel solutions across all touchpoints improves your member communications, heightens your visibility and enhances your image.