ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payments and banking solutions, has announced the results of the 2019 ACI Speedpay® Pulse, a longitudinal consumer billing and payment trends and behaviors research study of more than 3,000 adult consumers in the U.S. The findings show that consumer preference for convenience, speed and simplicity is driving the adoption of digital and mobile channels as usage of traditional payment channels and methods decreases.
Key findings from the 2019 ACI Speedpay Pulse include:
Digital and mobile-first approach on the rise for bill payments
- 21 percent of consumers used a company’s mobile app to pay a bill in Q1 2019, compared to 19 percent in 2018
- Over the past year, more than 1 in 5 consumers have increased their usage of a company’s website (26 percent) to pay bills, while the same number of consumers have decreased their usage of mail (22 percent) or in-person (21 percent) payments at the company’s location
- 31 percent of consumers have paid a bill through a bank’s website
- Approximately 2 in 5 (39 percent) of those who use mobile wallet payment methods say they have paid a bill through a mobile wallet
Decline in usage of traditional bill payment methods
- Use of traditional paper checks decreased slightly from 32 percent in 2018 to 28 percent in Q1 2019, with 3 in 5 consumers (60 percent) using checking account deductions to pay their monthly bills, and nearly half (48 percent) using debit cards
- Debit card and checking account deduction are consumers’ most-preferred methods for one-time bill payments, with the preference for debit card payments on the rise (from 33 percent in 2018 to 38 percent in Q1 2019) due to convenience and simplicity
Digital and mobile channels are key for bill reminders and “urgent” or same-day payments
- Nearly 1 in 4 consumers (24 percent) say they have had to make an “urgent” or same-day payment in the past year
- Consumers often pay “urgent” or same-day payments through a company’s website (36 percent), phone via CSR (34 percent) or in-person at the company’s office/location (23 percent)
85 percent of consumers who paid a bill late take responsibility for it, while 15 percent feel it was the company’s fault or they are unsure
- Of those who generally feel it was the company’s fault that they paid a bill late, most say this is because the company did not provide easy payment options (32 percent) or sent the statement too late (27 percent)
- 42 percent of consumers prefer email alerts for bill notifications/reminders
- 21 percent of consumers expect to use mobile text alerts over the next 12 months
“While digital and mobile billing and payment options have been available to consumers for years, we’re finally starting to see adoption of these channels surpass traditional channels in some key areas,” said Sanjay Gupta, executive vice president, ACI Worldwide. “Consumers want more choice when it comes to how they receive their billing statements and notifications, and how they make payments. To continue to drive adoption and make consumers’ lives easier, companies should educate and train consumers on the benefits of payment channel offerings like mobile apps and mobile wallets.”
ACI’s award-winning moBills technology, which is part of the ACI Speedpay solution, provides a seamless mobile billing experience for top global brands in industries such as utilities, banking, insurance, hospitality and auto lending.
To read the full 2019 ACI Speedpay Pulse report, visit: https://www.speedpay.com/images/uploads/SpeedpayPulse_2019_annual.pdf
The Pulse is a longitudinal consumer billing and payments trends research study conducted in 2019 by Brownstein Group in partnership with Speedpay. Each data set in The Pulse includes responses from a survey of more than 3,000 unique respondents (no repeat participation within a one-year period). Each survey sample is U.S. Census-balanced among adults age 18 and older who are responsible for submitting payments for at least two of their household’s monthly bills.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2019
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP, the UP logo and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI’s sole discretion. ACI is providing the following information in accordance with ACI’s standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.