80% of bill payers report significant cost increases over the last year, and they are looking for more flexibility and ways to help them pay their bills on time.
This research deep dives into current consumer sentiment on bill payments
Bill payment landscape
Consumers want seamless, fast, secure payment experiences; whether they're buying shoes or paying a bill
The evolution of consumer expectations for online payments has been driven by their ecommerce experiences. Consumers are demanding seamless, fast and secure payment experiences, whether that's for buying shoes or paying a bill. And the current economic landscape means people are having to make more considered decisions on what they are buying, as well as when and how they make bill payments.
In collaboration, Glider and PayPal have undertaken a comprehensive research study with 1000 consumers, exploring consumer behaviours and attitudes on paying bills and how organisations can improve the customer experience.
This report is essential reading for any services organisation who is looking to improve their customer experience and drive increased revenue.
Exploring the impact of technology on payment communications and customer experience
In this webinar, Glider's CEO Shaun Dobbin, along with Simon Banks, Managing Director PayPal Australia, and Ben Selwyn, Principal at Fifth Quadrant, discuss insights from the research and talk about what companies need to be doing to better meet consumer expectations.
Key themes include the importance of control and flexibility in bill payments, the impact of generational differences on payment preferences, the need for mobile optimisation, and the role of customer experience in late payments. The conversation highlights the importance of human-centered design and personalised strategies for billers to better serve their customers.
Late payment trends
What consumers want
Bill payers say they want control, flexibility and ease when it comes to paying bills.
The majority of bill payers prefer to pay bills on their mobile, with 61% saying it's important that businesses offer mobile-optimised payment experiences.
31% say payment issues have been a contributing factor to switching providers
Customer experience impacting loyalty
Switching is common and consideration is higher still. 44% of bill payers have switched at least one provider in the past 12 months, and 63% would consider switching in future. Generational differences are stark: 64% of Gen Z have switched and 80% would consider it, compared with 29% and 49% of Boomers.
Price remains the leading trigger, with 67% net citing a better price or deal, followed by poor product or service experience at 55% net and payment or billing issues at 31% net. When bill payers describe a poor billing experience, they point to payment process issues (71%), billing issues or inaccuracies (67%) and service or support issues (63%).
Key takeaways
Payment friction matters
Reducing friction in the payment process increases the likelihood of on-time payment and drives collections.
Expectations vary by generation
Younger bill payers pay late and switch providers more often, and want more flexibility and control over how they pay.
Billing experience helps drive loyalty
Price is the main driver of switching, but a poor billing experience is a material factor too.
Access all the insights in the full report
This in-depth consumer research report provides insights and observations on consumer bill paying behaviours, late bill payments, bill paying experiences and attitudes towards different elements of billing.
Key areas
- Bill payments landscape
- Late payment trends
- Customer experience impacting loyalty
Download the report using the button below. We hope you enjoy the read.
Contact us with any questions about the report or to discuss ways of creating consistent payment experiences across all your customer channels.