Academic journal article ABA Banking Journal

Consumers Seek Control in Payments

Academic journal article ABA Banking Journal

Consumers Seek Control in Payments

Article excerpt

The difficult economy has affected the way many consumers pay bills. The 2010 Billing Household Survey, conducted in March by Fiserv, Inc., found that 23% of consumers change the way they pay their bills month to month. As the chart below indicates, the reasons are varied but often relate to the need for control or speed. According to the survey of 2,001 adult consumers, people value payment control and flexibility, particularly when experiencing cash-flow difficulty. Thirty-eight percent of those surveyed had made a late payment or missed paying a bill altogether in the previous 12 months.

The number of consumers who use online bill payment at a bank site increased 11%, surpassing auto-debit payments for the first time, according to the Fiserv study. This would project to mean that approximately 36 million households use online banking for at least one payment in a given month.

Payment by phone also jumped as a result of increased use of mobile phones. Walk-in payments increased, too, reflecting the need for timing flexibility, according to the report. …

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