Online Bill Pay Drives Greater Share of Wallet

Published June 04, 2007, 1:00 a.m. EDT

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Updated August 27, 2020, 1:51 a.m. EDT

1 Min Read

ANN ARBOR, Mich. - A new study from ForeSee Results and Forbes.com found customers who pay bills through their bank's Web site are more satisfied with the bank and the online banking experience than those who do not.

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Further, the study found those who use online bill payment are significantly more likely to purchase additional services from the bank.

The companies said the data suggests converting online bankers to online bill paying customers represents the best opportunity for banks and credit unions to increase share of wallet while driving customers/members toward the most cost-efficient channel for services.

The survey of some 900 Forbes.com newsletter subscribers compared three kinds of banking customers: non-online bankers, online bankers who do not pay bills online with their bank and online bankers who also pay bills online through their bank's website. The results show the more engaged customers are with their bank's website, the more satisfied they are.

Overall customer satisfaction with a bank is highest among online bankers who pay bills via their bank's website: 79 on a 100-point scale. Online bankers who do not pay bills via their bank's website rated bank satisfaction a 76, while non-online bankers scored 70. Higher customer satisfaction boosts share of wallet, too: online bill pay customers are 31% more likely to purchase additional services from their bank than online bankers that do not pay bills via their bank's website.

For info: www.ForeSeeResults.com (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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