According to the report, US underbanked consumers want safe and convenient ways to control the flow of payments. As a result, persuading the underbanked to try paying bills online or on their smartphones is likely to be similar marketing and educational themes that motivates consumers at large.
“The underbanked are not a homogenous group that can be easily targeted with a one-size fits all approach,” said Mark Schwanhausser, Director – Multichannel Financial Services at Javelin Strategy & Research. “FIs and bill pay innovators need to realize that there is a win-win ROI opportunity to improve bill pay services and cut processing costs by better understanding and targeting the 15% of Americans who are underbanked.”
The report titled “How to Build Better Online and Mobile Bill-Pay for the Underbanked” was issued by research firm Javelin Strategy & Research.
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