New CheckFree Research Findings Demonstrate the Value of Delivering E-Bills at 'Pay Anyone' Sites
Monday April 21, 3:37 pm ET
Best Practices Results From CheckFree Research Services Show That E-Bill Customers Average Higher Activation, Retention And Payment Rates For Consumer Service Providers
ATLANTA, April 21 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced new best-practices results from CheckFree Research Services, a value-added unit that continually studies consumer behavior trends in electronic billing and payment, and shares its expertise with financial services provider and biller customers, industry leaders and analysts.
CheckFree Research Services examined the behavior of consumers who paid electronic bills at consumer service provider (CSP) sites that offer "pay anyone" services, such as banks, credit unions, brokerage firms and portals. The research was conducted by examining randomly selected, subscriber trend data in conjunction with several best practice CheckFree CSP customers. The results of this knowledge management study of anonymous e-bill user patterns showed that CSPs, whose subscribers have activated electronic bills, experienced higher customer retention, product usage and payment volume rates, and enjoyed significantly lower customer care support costs associated with electronic billing and payment (EBP) transactions.
Existing third party research had revealed the business benefits of attracting new electronic bill payment customers. These online customers have been shown to be more loyal, less costly to serve, and in many cases, established deeper relationships with their financial services provider of choice, demonstrated by usage of multiple services compared to other bank customers. For example, Forrester Research's January 2003 report titled, "Want to Get More Online Bill Payers?" found that online bill payment customers are more profitable than both online and offline bankers. Bank of America published similar findings related to the profitability of active bill pay users, citing 80 percent lower attrition rates, 30 percent fewer calls into call centers, as well as 38 percent higher deposit and 45 percent higher balances compared to offline banking clients. . .
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