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.