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Home > Business/Finance > Financial Services > Electronic Transactions
Online Bill Payment: Converting the Mass Market from Wealth Consumers into Wealth Creators
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| Published Date:
February 2006
Published By:
TowerGroup
Page Count:
7
Order Code:
R301-826
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| Many institutions offer cash management accounts and online bill payment capabilities to facilitate day-to-day spending transactions. A basic problem for customers in managing their cash is that they receive employment income in regularly scheduled, even amounts, whereas expenses often come at varying intervals and in erratic amounts. Yet few institutions discuss the intricacies of budgeting or ways to use the cash management tools to better manage spending. TowerGroup is unaware of any tool that uses the concept of escrow to deal with the problem of sporadic expenses. This TowerGroup ViewPoint presents a vision for using online bill payment with a set-aside account as a wealth management tool to facilitate wealth creation through a better balance between present and future spending.
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