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Released: July 2012
In a case study published by CEB TowerGroup, entitled SunTrust Consumer Mobile Banking Value Analysis: Finally, Quantitative Results!, SunTrust Bank demonstrated that their mobile banking customers were on average 32% more profitable than their online customers, generated 19% more revenue, and were 53% less likely to attrite. Customers who used both mobile banking and bill pay illustrated even better results: profitability was 53% greater than online users & attrition was 82% less.
There is no doubt that it is a good business decision for banks to add bill pay to their mobile banking offering. This white paper by CEB TowerGroup’s Andy Schmidt, Research Director – Commercial Banking and Payments, explores how adding mobile bill pay with image capture capabilities can:
- extend the utility and stickiness of mobile banking
- streamline the bill pay and bill enrollment process by enabling the consumer to capture the biller’s identifying information, address, account number, etc. by snapping a photo of the bill saving the customer time and providing convenience.
- build on the success and popularity of Mobile Deposit because customers who use Mobile Deposit are more likely to use Mobile Photo Bill Pay since they are already comfortable with the technology.
- offset bill pay costs by leveraging existing infrastructure and channeling the customer experience to a self-service environment while also creating revenue opportunities for expedited bill payment.