Mar
3
(My newest article in The Financial Brand)
Research shows a strong positive correlation between e-bill adoption and customer satisfaction, loyalty and profitability for both financial institutions and billers. Yet, despite a growing digital consumer lifestyle, growth of e-billing remains underdeveloped, especially when compared to rates of online bill pay.
By Matt Wilcox, Senior Vice President, Marketing Strategy and Innovation, Fiserv
Marketing consists of filling wants and needs at a profit. The safer, less costly way to do that is to find out what the market wants and outdo the competition in delivering it. The riskier, costlier way is to introduce an unknown product that fills an unknown need – as 3M did with Post-It® Notes – and set about convincing the market that they can no longer get along without it.
At the outset, with no track record on which to base predictions, e-bill adoption fell in the latter category. It wasn’t quite clear whether the idea of going paperless would turn out to be Post-It Note success … or an Edsel flop.
Now, just a few years after being introduced, we know there is [read the rest of the article by clicking here now]