U.S. Bill Payment Transformation: The Momentum Accelerates

The percentage of online payments made on biller sites has grown from 62% of online bills in 2010 to 73% in 2016—at the expense of bank bill pay, according to a new Aite Group report. 

Boston, June 14, 2018 — Consumer power is growing, and switching providers is becoming easier than ever in most industries. Aite Group’s latest report, U.S. Bill Payment Transformation: The Momentum Accelerates, finds that bill payment providers are seeking to place more control into their customers’ hands as a result.

“The growth of real-time payments and the demand for contextually relevant data that can be used by consumers, banks, and billers means bill payment services now need to focus on changing how payments fundamentally work and how they integrate into the broader experience,” says David Albertazzi, senior analyst at Aite Group.

“The shift toward new technologies, such as real-time payments, application programing interfaces, and the ISO 20022 standard, is building a framework against which banks and billers can create new payment experiences for their customers and improve their front- and back-office capabilities,” added Gilles Ubaghs, senior analyst at Aite Group.

This new Aite Group report overviews the U.S. bill payment market in terms of how consumers pay and looks at the key drivers and influencers on broader bill payment transformation initiatives. It is based on interviews Aite Group conducted with payment executives from 12 leading organizations from February to March 2018 as well as data from a Q3 2016 Aite Group survey of 2,429 U.S. consumers.

To request a press copy of this report or to speak with David Albertazzi or Gilles Ubaghs about this topic, please contact us at [email protected].

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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