PC Banking\Bill Pay: Financial Services Industry Speaks Out  

November 26, 2001 - Oakbrook Terrace, IL
A recent study conducted by Raddon Financial Group (RFG) surveyed 118 financial institutions on a wide variety of online banking issues. This timely study includes information on PC banking and bill pay penetration, current online services offered, online services that will be offered in the next year, bill pay pricing, and successful online banking promotions. Findings are reported by institution type, asset size, and by credit union field of membership. This facilitates relevant comparisons for institutions. 

Institutions reported that 19% of their PC bankers are signed up for bill pay but only 16% are actively using it. Most institutions charge a monthly or per item fee for bill pay. Those who offer free bill pay have marginally higher bill pay penetration but many more inactive bill payers than those who charge for bill pay. Institutions that offer free bill pay may be incurring significant operating costs for no perceived value to the customer. 

"Financial institutions will find this report extremely useful by benchmarking their PC banking and bill pay penetration with their peers. They'll learn what the most common bill pay pricing strategies are, how pricing affects bill pay penetration, and what online services institutions plan to offer in the next year. Successful online promotions are reported as well," adds Eric Wittekiend, eResearch Program Manager.

The PC Banking Industry Study was conducted during September 2001, and is now available for $250. For more information and/or to purchase the PC Banking Industry Study, CLICK HERE or contact Eric Wittekiend at 800-827-3500 ext. 372.

For over 20 years RFG has provided primary research and marketing solutions to the financial services industry.