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.
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The Aspen Analytics researchers also found that declining online payment activity can serve as a warning that a customer may move to another institution, providing an opportunity to take preventative action.
A research brief on the Online Bill Pay Longevity and Lifetime Value Study is available at www.checkfree.fiserv.com/whitepapers.
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