Trust In Branding To Gain Ine-Billing

NEW ORLEANS - (02/15/05) – Though electronic paymentscontinues to make great strides with consumers, credit unions andbanks are continuing to lag in convincing consumers to e-paythrough them, according to one expert. An estimated 80% ofconsumers using e-payments do so through their billers, while just20% use their financial institutions, according to Terry Jones, oneof the founder of Travelocity and now an independent consultantwith Essential Ideas. “This is a new form of competition foryou guys,” Jones told attendees to the Texas CULeague’s TechMecca conference Monday. The main reasonconsumers shy away from using their financial institutions to payelectronically is security, according to Jones “They’reafraid of you,” he said. “Trust is the number onereason brand is so important. ..That’s why your brand is soimportant.” He urged credit union and bank executives to usethe trust they have built up with the brands to gain the confidenceof consumers wanting to use electronic bill payment. He cited amajor failure of Bank One to use its brand identity in itsill-fated electronic bill payment venture.