(COMTEX) B: Collective Dynamics Says EBPP Attracts the Affluent and Keep
B: Collective Dynamics Says EBPP Attracts the Affluent and Keeps Them Loyal
ATLANTA, Nov 25, 2002 /PRNewswire via COMTEX/ -- Consumers using Electronic
Bill Presentment & Payment (EBPP) outnumber non-users two-to-one in America's
most affluent families, and are 50% less likely to leave their financial
institution than non-EBPP users according to new consumer research from
Collective Dynamics.
Collective Dynamics, working closely with Charter Members CheckFree, U.S. Bank
and Visa, conducted the survey of 1,000 consumers to better understand the
business drivers and other crucial issues in EBPP.
"This research shows EBPP is a win-win for FIs and their customers. Consumers
want to use an EBPP service from their FI. At the same time, our survey proves
EBPP users are ideal customers -- affluent, less likely to change banks and a
great cross-sell opportunity," said Steve White, partner and co-founder of
Collective Dynamics.
With 16% of respondents currently using an EBPP service, the study showed 65%
get their service from a bank, and 30% use a portal. At the upper income level
of $80,000 or more per year, EBPP users outnumber non-users two-to-one, and
researchers found that EBPP users are more than 50% less likely to leave their
financial institution than non-EBPP users.
These consumers frequently visit their financial institution website, making
them good candidates for cross-sell opportunities -- 76% of the EBPP users visit
their financial institution's Web site at least weekly while only 40% of the
non-EBPP users visit the Web site as often.
For both users and non-users, the survey investigated how consumers rate program
attributes when selecting an EBPP service. "Consumers clearly consider monthly
price as the most important attribute," said Rich Kisida, a director at
Collective Dynamics. "When combined, the three price-related components of an
EBPP service -- monthly price, number of payments included and additional
payment charges, made up 40% of the selection process."
The second most important attribute to consumers was the provider, with a clear
preference for banks.
Additional information is in the complete study, "Gaining a Better Understanding
of Consumer Electronic Bill Presentment & Payment (EBPP) Preferences," available
for purchase from Collective Dynamics at 770-392-9944.
About Collective Dynamics
Collective Dynamics (http://www.coldyn.com) is an Atlanta-based consulting firm
that specializes in the area of electronic consumer payments, card-centric
products and services, retail banking delivery channels, and other financial
services.
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SOURCE Collective Dynamics
CONTACT: Deb Montner of Montner & Associates, +1-203-226-9290,
dmontner@montner.com
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Copyright (C) 2002 PR Newswire. All rights reserved.
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KEYWORD: Georgia
INDUSTRY KEYWORD: FIN
SUBJECT CODE: SVY
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