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Editorial Viewpoint From a Customer's Perspective |
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Spotlight On Bank of the West |
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Case Study Atmos Energy Heats Up... |
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COVER STORY Commerce Intelligence Solution Identifies High-Potential... |
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NEWS REPORT 2006 Initiatives Enhance Content, Speed, Ease of Use... |
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NEWS REPORT Research Offers Insights on Consumer Adoption and Use of Online... |
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NEWS REPORT Account Support Team Refocuses and Expands Customer Service Commitment |
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NEWS REPORT Debt Know How Program Provides Valuable Resources for Consumer Debt... |
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NEWS REPORT Ignite Adoption and Usage with Electronic Version of Consumer Online Bill Payment... | |
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INDUSTRY INSIGHTS Q&A with Dan Schatt |
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NEWS REPORT 
Research Offers Insights on Consumer Adoption and Use of Online Bill Payment |
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| MasterCard RPPS Survey-Related News Reaches Millions | ||||
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Two consumer surveys sponsored by MasterCard RPPS in 2005 offer an encouraging look at the attitudes and behavior of consumers with regard to online bill payment. Both the Harris Interactive® survey in June and the Ipsos Insight survey in September demonstrate a growing consumer confidence in online bill payment. While some consumers continue to cite security as a concern, the studies suggest that clear communication with customers can be a significant factor in moving consumers beyond this issue and onto the online channel. "MasterCard RPPS provides the results of these surveys to our customers to help them create effective marketing initiatives for raising consumer awareness," saysJennifer Covello, product leader, MasterCard RPPS. Security security security Among the Harris survey respondents who pay their bills online through their financial institution's Web site, just under half (47%) said they do so because they believe the online channel is more secure, citing confidence in their financial institution's security measures. Similarly, just over half (51%) of those respondents who have online access but do not pay their bills electronically cited concerns about the security of their personal financial information as the reason for this behavior. "The confidence expressed by the consumers using online bill-pay services tells us that financial institutions are taking a proactive stance in protecting their Web sites from fraudulent activity," says Covello, "but the reluctance of nonadopters indicates that online bill-pay providers need to continue their customer education efforts regarding security." Institutions can enhance customer security in a number of ways, from zero liability protection to more robust authentication measures, but the most important component of the security system is communication with customers. "Consumers need to understand the measures that protect them online," Covello says. "According to Gwenn Bézard, a research director with Aite Group, they are 10 times more likely to have bills stolen in the mail than to face fraud when paying bills via their financial institution's Web site." Going up While consumers may be split over security concerns related to online bill payment, the survey results show that more and more Americans are relying on their financial institution's Web site for a secure, convenient place to handle their bill paying. By 2008, the number of consumer bills that will be paid online through a bank site will more than double, according to the research firm Aite Group. "The convenience of paying bills online through a bank's Web site is a driving factor for a majority of consumers who ultimately make this their means of paying most, if not all, of their monthly bills," says Covello. "It's the optimal solution because it simplifies the lives of busy consumers." Getting the word out Summaries of the survey results can beaccessed on the News Center at www.mastercardintl.com/rpps. MasterCard RPPS customers will find the results helpful in crafting communications to promote adoption of their online bill payment services. Radio and print communications on the 2005 survey results have been produced by MasterCard RPPS to encourage consumer adoption. Already, these efforts have reached more than 28 million consumers in major markets nationwide. "To help consumers appreciate the value of online bill payment, MasterCard RPPS also offers our customers the proven Consumer Online Bill Payment Marketing Program, available in both multimedia and electronic-only versions," Covello says. (see related article) "We believe that once consumers understand the benefits of online bill-pay and the security measures that protect them, they will join the millions of consumers who are already enjoying the advantages of online bill payment."  For more information on the surveys or other MasterCard RPPS consumer awareness efforts, please contact Jennifer Covello at 914-249-4853 or jennifer_covello@mastercard.com . |
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