Only 12 % of billers have a mobile bill presentment and payment (MBPP) strategy, even though mobile interactions are surging among consumers, according research by Fiserv.
Its second annual biller mobile bill pay benchmark study examines how billers are keeping pace with the growing demand from consumers for mobile billing and payment as well as the opportunities and challenges billers face in developing and deploying a solution.
Results show that billers increasingly recognize the potential of MBPP solutions to benefit both them and their customers. Billers have a better understanding this year of the overall value of deploying MBPP with 69% (a 92% increase over 2012) believing it will lead to cost savings from adoption of e-bills and e-statements. In addition, 90% (a 36% increase over 2012) see the development of their mobile channel as a means to improve customer service. This year, 65% more billers believe mobile bill payment adoption will lead to significant increases in electronic bill presentment and payment.
One of the biggest challenges facing billers is understanding consumers' mobile preferences and expectations in order to build a comprehensive strategy that provides the best mobile experience across platforms. The survey found 64% of billers do not track or do not know if their company tracks whether homepage visits are coming from a mobile device or traditional laptops and PCs. Furthermore almost one third of billers surveyed don't know what customers are doing when visiting their site from a mobile device.
"Our research indicates explosive growth of mobile bill payments. Billers have an opportunity to take advantage of this change by offering a consistent, simple, and innovative user experience, which can improve customer satisfaction and lower service costs," says Robert Craig, senior vice president, Biller Solutions, Fiserv. "Billers will benefit by delivering a true omnichannel billing and payment strategy to consumers, including a strong mobile presence."
While only 12% of billers have developed a mobile billing and payment strategy, with an additional 24% saying it is currently in the deployment stage, billing organizations rank mobile service options as the highest priority followed by service alerts and customer self-service. The percentage of billers that see the development of a mobile channel as adding complexity, cost and challenges, decreased from 50% in 2012 to 34%. However, billers still struggle to meet consumer demand for mobile payments with 77% facing IT resource challenges in regard to deploying their mobile channel.