The ranks of online bankers and bill payers grew by more than 2 million households in America last year.
That's according to Fiserv Inc.'s ninth annual consumer billing and payment trends survey, which also found a growing concern over environmentalism helping to drive the adoption of the paperless payment channel.
The survey was conducted by The Marketing Workshop and Harris Interactive and the results reflect the habits of the 88.2 million American households that have Internet access, according to Brookfield, Wis.-based Fiserv.
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The survey found that 69.7 million households now use online banking-primarily for balances, histories and transfers-and that 64.4 million pay at least one bill online through their financial institution's Web site or that of a biller. That's more than two million more households than estimated in last year's report, Fiserv said.
About 80% of American households that have Internet access now use it for online banking, and nearly as many use bill pay, the survey found. Meanwhile, 41% of the respondents said they plan to pay more bills online at their financial institution's Web site, while 35% who do direct bill said they pay plan to pay more bills online at their billing companies' sites.
Their reasons? Seventy-nine percent cited speed, 72% said paying online was easier than paying by check, 71% said they liked saving money on stamps, and 71% said they felt "paying bills online gave them more control over the timing of their payments," according to the Fiserv report.
The report said people who pay bills online save five hours a year compared to those who pay with checks.
"Consumers also cited convenience and clutter reduction as reasons to pay their bills online," Fiserv said. "Fifty-seven percent of consumers said they had lost a paper bill in the mail, while 64% admitted to losing a paper bill in their own home-inconveniences that many indicated made them receptive to receiving paperless bills online."
Green concerns also figure in, with 58% saying that "environmental impact was either important or very important in their decision to view and pay bills online."
There's also the stickiness factor. Fiserv said 49% of the respondents who use online bill pay said they were less likely to switch financial institutions for that reason, up from 43% last year. And 67% of the consumers said they would recommend their provider to a friend.
The report also cited the influence of the brick-and-mortar presence in encouraging the use of the electronic channel.
"Proving the power of a personal recommendation, the bank branch was cited as the most influential source of information leading to enrollment in online bill payment," Fiserv said.
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