A study of about 10 million customers of a large U.S. bank found that the more bills a consumer pays online, the less likely he or she is to leave the financial institution hosting that service.
The study, conducted by Aspen Analytics of Atlanta for Fiserv's CheckFree e-commerce operation, found that customers who paid bills online were 76% less likely to churn than average bank customers.
Heavy users of online bill pay services, meanwhile, were fully 95% less likely to leave, according to the study, which analyzed transactions conducted during a 16-month period in 2007 and 2008, according to Fiserv.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.