By Mark Brousseau
For financial institutions, integrating online banking and bill payment has the potential to reduce operating costs, expand cross-selling and up-selling capabilities, and increase consumers' interactions through the online channel, according to CheckFree Corp.
Online banking customers visit their financial institutions' sites an average of 11.2 times per month, according to the 2007 Consumer Bill Payment Survey, conducted by Harris Interactive with the Marketing Workshop, and sponsored by CheckFree. However, customers who use both online banking and bill payment services visit their financial institutions' sites 13.4 times and those who use electronic bills to receive and pay their bills visit the online banking sites an average of 15.1 times, according to the same survey.
Today, online banking and bill payment exist as separate applications on many financial institution websites -- meaning banks have a ready opportunity to improve their bottom line.
What do you think? E-mail me at m_brousseau@msn.com.
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