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Expedited Bill Payments Forecast ‘07-‘09: Effective Strategies to Create Revenue and Enhance Relationships

Published by: Javelin Strategy & Research

Published: Feb. 1, 2007 - 14 Pages


Table of Contents



Overview

Primary Questions

Findings and Analysis

Modest Growth and Increased Competitive Pressures for Expedited Bill Payment Requires a Honed

Strategy: Revenue will be Hard-fought through 2009

Increased Frequency Battles with Downward Price Pressures

Increased Frequency is the Key Factor Driving Fee Revenue

Consumers are Weighing the Balance between Late Fees and Expedited Payment Fees for Credit

Card Bills

Online Channel Will Dominate Expedited Bill Payment

Constituents with Disparate Goals will face Disparate Challenges: Balancing the Revenue

Opportunity with Relationship Enhancement

Acknowledgements

Appendix: Additional Javelin Consumer Data




Table of Figures




Figure 1: Total Expedited Payments Fee Revenue 2004-2009

Figure 2: Price and Frequency of Expedited Payments

Figure 3: Frequency of Expedited Payments Usage

Figure 4: Types of Bills Chosen for Expedited Payments

Figure 5: Channel Selection for Expedited Payments

Figure 6: Use of Expedited Payments among Consumers

Figure 7: Late Fees Avoided by Making Expedited Payments

Figure 8: Fees Paid for Expedited Payments

Abstract

Expedited bill payments—services that enable consumers to make last minute bill payments— have come to represent a viable revenue opportunity for billers and financial institutions. This will continue moving forward, but it will be harder-fought revenue, necessitating a finely-tuned strategy to capitalize on changes in market forces and the competitive landscape. Javelin utilized three years of longitudinal data to create this forecast report, which presents an understanding of consumer preferences and behavior, as well as a projection of fee revenues, average fees per payment, and frequency of expedited payments usage among consumers through 2009. This provides stakeholders with insight to drive expedited payment volume, set fees to maximize usage and profitability, and optimize service.

Primary Questions
  • How will overall expedited payments fee revenue grow over the next three years?
  • What is the average price consumers pay for expedited payments and how will that change?
  • How frequently will consumers initiate expedited payments and at what fee?
  • For what types of bills do consumers use expedited payments?
  • How have channel preferences changed, and how closely do they link to actual behavior?


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