Bank bill pay doesn't seem to have changed much since the 1990s. But because of today's high-end ecommerce retail experiences, consumer expectations for payment optionality, flexibility and speed have never been greater. The challenge for banks is that legacy banking solutions are not built to meet today's expectations. As a result, banks have been steadily outmaneuvered by fintechs and even billers themselves.
Consider this: Only 22% of bills are settled via a financial institution's website or mobile app. Among Gen Z bill payers, it's a scant 3%. With payments such an integral part of every consumer's financial life, this is a missed opportunity for banks to play a more central role in their customers' lives.
This podcast with Paymentus will address questions around trends in bill pay, payments, opportunities for banks, new technologies, and the long-term outlook for all.