Online Bill Payment and Presentment: The Seven Habits of Highly Effective CSPs:

Online Bill Payment and Presentment: The Seven Habits of Highly Effective CSPs

Product Type: Market Research Report
Published by: TowerGroup
Published: June 2004
Product Code: R301-1078

Description

This TowerGroup Research Note focuses on the user interface, specifically in the consolidator environment, currently used by more than 20 million US households. These interfaces - known as consumer service provider (CSP) platforms - along with the interfaces of individual biller sites, determine consumers' initial impressions of electronic bill presentment and payment (EBPP) and lay the foundation for their experience and understanding of the value of these services. Therefore CSP interfaces are fundamental drivers of consumer adoption, retention, and increasing use of online billing and bill payment services.

With this critical role in mind, TowerGroup reviewed a wide array of consolidator interfaces, including those of the top 10 full-service retail banks in the nation, sites recommended by vendors of CSP platforms, and independent and hybrid sites, such as Paytrust.com and AOL. The results, documented within categories that mark the seven critical habits of highly effective CSPs, identify features that differentiate sites and create a unique, top-notch user experience.

Table of Contents

TowerGroup Takeaways
Report Coverage
The Consolidator CSP
Habit 1: Attract the Nonuser: Exhibit 1: 10 Ways to Use Your Web Site to Attract Nonusers to Online Bill Payment and Presentment (2004); Exhibit 2: Strong Home Page Publicity for Online Bill Pay - but Poor Linkages (2004); Exhibit 3: Selected Web Home Page Promotions for Online Bill Payment and Presentment (2004)
Habit 2: Tie in the Home Page: Exhibit 4: Six Ways to Use Your Home page to Advantage for Online Bill Payment and Presentment (2004); Exhibit 5: Best Home Page Tie-In to Online Bill Payment and Presentment: SouthTrust (2004)
Habit 3: Provide Strong Core Functionality for Bill Payment: Exhibit 6: 18 Features that Add Value to the Online Bill Payment CSP (2004); Exhibit 7: Best Payee Setup Using Pick List and Prefill: Bank of America (2004); Exhibit 8: Best Overall Online Bill Payment Features and Functionality: Bank of America (2004)
Habit 4: Incorporate Electronic Bill Presentment: Exhibit 9: 10 Ways to Enhance Electronic Bill Presentment and Increase the Usefulness of Your CSP (2004); Exhibit 10: Best Overall Bill Presentment Functionality: Bank of America (2004)
Habit 5: Integrate Funds Transfer: Exhibit 11: Seven Practices to Use to Integrate and Promote the Use of Funds Transfer Services (2004); Exhibit 12: Integration of Funds Transfer Information with Core Account and Online Bill Payment Detail (2004)
Habit 6: Service Your Customers and Let Them Service Themselves: Exhibit 13: Seven Alternatives for Improving Self-Service and Customer Service in the CSP (2004); Exhibit 14: Effective Self-Help Tools: National City (2004)
Habit 7: Avoid Basic Mistakes: Exhibit 15: CSPs EBPP Functionality: Six Simple Mistakes to Avoid (2004)
Summary

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