Reliance on Electronic Bill Payment Grows Across Age Brackets

In the utility industry, reliable payment options are indispensable. Over half of all bill payments are made online, and these numbers continue to rise. While this increase is fueled by millennials, it is certainly catching on in various age brackets. We can see a movement across generations toward online bills as a percentage of total bills: millennials at 61 percent, Gen Xers at 60 percent, baby boomers at 52 percent and seniors at 42 percent. Banks are making the push away from paper checks and toward online bill pay, but the majority of bill pay is made at the billers’ websites as opposed to the banks’ websites: 78 percent of online bills paid by millennials are made at the billers’ websites and 60 percent for seniors. Banks’ websites represent only 22 percent of millennials’ online payments with seniors at 39 percent. Bills paid by check declined 20 percent between 2010 and 2016, while the number of bills paid via ACH increased by 10 percent, and those paid by a credit card have doubled to 15 percent. Nearly three quarters (72%) of online bill payments are made on a billers’ websites. This shift toward electronic bill pay will continue as innovative payment solutions are made to ease the transition even further. With DNI, customer accounts and bill payment are managed easily through a secure, online, self-service platform. Let us transform your bill print and e-billing solutions and manage online payment for your customers. Source

Utilities