InfoTrends' latest study indicates that 11% of bills and statements are delivered exclusively through electronic means in North America, with that percentage increasing to 22% by 2014.
Over the last decade, the transaction presentment and payment markets have been in a state of change due to advances in technology, changing consumer preference, and biller's focus on cost reduction. The Future of Electronic Bill Presentment & Payment in North America provides an understanding of where electronic bill presentment and payment (EBPP) is being adopted; what the obstacles are to faster adoption; and what billers, service providers, and technology vendors will need to do to better target their strategies.
According to this research, the biggest challenge for billers relative to driving electronic adoption is that most consumers still prefer printed mail. Consumers value that bills received by mail are easy to review, provide a physical back-up, and serve as a reminder to pay. Top benefits for electronic delivery include being good for the environment, convenience, and that the service is free.
Top Three Benefits of Receiving Mail versus Electronic Bills
"As billers drive forward with electronic presentment and payment initiatives, it is imperative that they address core consumer concerns," stated Matt Swain, Senior Consultant at InfoTrends. "We discovered noted differences in the rate of adoption and attitude towards electronic presentment based on age, region, access to technology, and bill type. There is no 'one size fits all' approach to driving adoption, especially given that consumer preference also varies by vertical market."
The Future of Electronic Bill Presentment & Payment in North America provides answers to questions surrounding the EBPP market from the perspective of consumers, transaction document outsourcing services providers, vendors, and corporate enterprises.
InfoTrends engaged in 1,032 consumer interviews, 123 interviews with billers from the Banking, Financial, Healthcare, Insurance, Telecommunications, and Utilities markets, as well as 15 in-depth interviews with key stakeholders in the electronic bill and presentment and payment market.