Online consumers indicate they are three times more likely to use an electronic bill payment service from a bank than from a dot.com company according to a recent US survey conducted by market research outfit InsightExpress. Respondents also indicate they are more likely to employ online payment services from a government agency than from a brokerage or software company.
Security, liability and 24x7 service issues are top priorities for consumers of automated bill payment services the research reveals.
Lee Smith, executive vice president at InsightExpress, says: "Traditional financial institutions such as banks, credit unions, and credit card companies have a clear opportunity to leverage their brands and credibility with consumers to overtake the expensive awareness-raising efforts of most dot.com companies to date."