Study: Customers Who Pay Online More Likely to Pay On Time
Aug. 30, 2011
Financial services technology provider Fiserv Inc. recently released the results of a study of Con Edison customers that shows offering electronic bills through online banking or a company’s Website can lead to enhanced cash flow and reduced customer care costs. The study showed that customers receiving e-bills via online banking were 22 percent more likely to make on-time payments and customers receiving e-bills at ConEd.com were 6 percent more likely to make on-time payments, when compared to paper bill recipients. Also, the study found customers who received e-bills via online banking were 64 percent less likely to call live customer service per month and customers receiving e-bills at ConEd.com were 39 percent less likely to call than paper bill recipients. Fiserv said this is the first primary study of a utility that links electronic billing to critical business functions, such as more current payments receivables and higher levels of online customer service. Conducted by AccuData on behalf of Fiserv, the study analyzed two million customer records with a focus on three customer segments: those receiving paper bills, those receiving e-bills via online banking and those receiving e-bills at the Con Edison website.