Boston, November 17, 2021 –U.S. consumers pay a lot of bills—approximately 15.5 billion bills in the last year, shelling out roughly US$4.6 trillion. And 62% of the 15.5 billion bills paid in the last year were paid digitally. As more and more of daily life has become digital, consumer expectation for a one-click, frictionless bill payment experience has often been better addressed by a biller’s solution rather than a financial institution’s solution. This reality has resulted in bank bill pay solutions steadily losing ground against biller-direct solutions. The implications of FIs losing ground in this space are huge and include missed opportunities to drive customer engagement, build loyalty, and increase revenue.
This Impact Report sizes the bank bill pay volume, analyzes bill payment activity by channels and institution types, and provides insights into how consumers across all generations are conducting bank bill pay activities. This Impact Report is based on a Q2 2020 Aite Group survey of 3,039 U.S. consumers.
This 35-page Impact Report contains nine figures and 24 tables. Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.
This report mentions Ally, Bank of America, CashApp, Capital One, Charles Schwab, Chime, Citigroup, Discover, Fidelity, Fifth Third, Goldman Sachs, J.P. Morgan Chase, Marcus, Merrill Lynch, Morgan Stanley, Moven, PayPal, PNC, State Street, USAA, U.S. Bank, and Wells Fargo.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Other Authors
David Albertazzi
David Albertazzi is the Director of Datos Insights' Retail Banking & Payments practice, and he focuses on retail bank channels and core banking technologies. He specializes in technology solutions used by banks and credit unions to support their mobile banking, online banking, branch, ATM, and call center channels, and he assesses the strategies and technology implementations of financial institutions of...