Better Customers Pay Bills Online

10/29/2003

Some of the most frequently cited research about the connection between online bill payment and more profitable banking customers comes from Bank of America, which eliminated fees for bill payment last year. With a larger absolute number and penetration of online bill payment customers than any other U.S. bank -- 2.1 million of its 5.3 million active online customers as of June 2003 -- BofA gets it. The "it" in this case is value. Research from Forrester for the Charlotte, N.C.-based bank found that not only do online bill payment customers buy more products, such as loans and accounts, than do offline customers, they buy even more the longer they've been paying bills online. One reason behind the greater likelihood of more product purchases by online bill payment customers comes simply from more frequent contact between them and their bank. Of the visitors to Forbes.com surveyed by ForeSee Results, 51% of bill payers said they used online banking every day versus 27% of those who don't pay bills online. www.eMarketer.com

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