CAMBRIDGE, Mass. — After an initial growth spurt, consumer adoption of online bill pay seems to be slowing, according to a new report from Forrester Research, and new tactics are now needed to maximize the channel.
"As annual growth rates for online bill pay slows, financial institutions can no longer afford to focus solely on enrolling new users," said Emmett Higdon, author of the report titled "Online Bill Pay's Last Mile: Encouraging Activation and Avid Use."
"They will realize the bottom-line benefit from their bill pay operations only when users are fully engaged in the service," Higdon said. "To achieve this, they must use a combination of hand-holding when the account is opened, new payee-switching technology, high-touch follow up, and a business model that values bill pay activation more than enrollment."
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