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SUMMARY
Overview
Expedited bill payments-services that enable consumers to make last minute
bill payments- have come to represent a viable revenue opportunity for billers
and financial institutions. This will continue moving forward, but it will be
harder-fought revenue, necessitating a finely-tuned strategy to capitalize on
changes in market forces and the competitive landscape. Javelin utilized three
years of longitudinal data to create this forecast report, which presents an
understanding of consumer preferences and behavior, as well as a projection of
fee revenues, average fees per payment, and frequency of expedited payments
usage among consumers through 2009. This provides stakeholders with insight to
drive expedited payment volume, set fees to maximize usage and profitability,
and optimize service.
Primary Questions
- How will overall expedited payments fee revenue grow over the next three
years?
- What is the average price consumers pay for expedited payments and how
will that change?
- How frequently will consumers initiate expedited payments and at what fee?
- For what types of bills do consumers use expedited payments?
- How have channel preferences changed, and how closely do they link to
actual behavior?
TABLE OF CONTENTS
- Overview
- Primary Questions
- Findings and Analysis
- Modest Growth and Increased Competitive Pressures for Expedited Bill
Payment Requires a Honed Strategy: Revenue will be Hard-fought through 2009
- Increased Frequency Battles with Downward Price Pressures
- Increased Frequency is the Key Factor Driving Fee Revenue
- Consumers are Weighing the Balance between Late Fees and Expedited Payment
Fees for Credit Card Bills
- Online Channel Will Dominate Expedited Bill Payment
- Constituents with Disparate Goals will face Disparate Challenges:
Balancing the Revenue Opportunity with Relationship Enhancement
- Acknowledgements
- Appendix: Additional Javelin Consumer Data
Table of Figures
- Figure 1: Total Expedited Payments Fee Revenue 2004-2009
- Figure 2: Price and Frequency of Expedited Payments
- Figure 3: Frequency of Expedited Payments Usage
- Figure 4: Types of Bills Chosen for Expedited Payments
- Figure 5: Channel Selection for Expedited Payments
- Figure 6: Use of Expedited Payments among Consumers
- Figure 7: Late Fees Avoided by Making Expedited Payments
- Figure 8: Fees Paid for Expedited Payments
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