Top consumer bill pay concerns are hassles of multiple logins and anxiety about biller security(doxoINSIGHTS )
doxo, the innovative web and mobile bill pay service, today released its latest doxoINSIGHTS report, Consumer Bill Pay Perceptions, which shows how Americans feel about paying their bills and what they believe would improve their experience and financial outcome.
Breaking Down Bill Pay Perceptions & Barriers
doxoINSIGHTS survey data reveals the perceptions and solutions sought by consumers for their bill payments.
- 83% feel improving financial health is the top motivator for paying bills
Consumers cite the benefits of improving financial health (83% of respondents) and feeling a sense of accomplishment (77%) as much more motivating factors for staying on top of bills than by reducing the anxiety of falling behind (34%). - 61% find managing multiple biller website logins the top bill pay hassle
With so many bill providers and multiple website logins to manage, security reasons are cited as consumers’ number one concern.
○ 61% of households don’t like having multiple accounts to pay their bills
○ 53% are worried about biller website security
○ 49% are concerned with hidden biller fees
○ 48% accidentally miss due dates
○ 46% get frustrated with how much time it takes
○ 29% cite problems with biller websites
Security concerns in particular have increased over the past year. Over 150M consumers have had payment or identity data compromised in recent hacks of U.S. businesses. Over 900 municipalities and billers were hacked in 2019 alone.
- 84% know what they would change to improve bill pay
Consumers are clear about the improvements that would make bill pay easier – highlighting easier ways to stay on top of upcoming bills and manage all their bills in a consistent, mobile-friendly way. The top four improvements are:
○ Email reminders for upcoming bills due: 70% of respondents want periodic reminders to help them keep track of due dates
○ Mobile-friendly: In an increasingly mobile-first world, 59% are seeking mobile-friendly apps from to stay on top of their bills
○ To-do lists: 58% would like an all-in-one to-do list to manage and pay their bills across the board
○ Single, secure login: 54% want to be able to pay all their bills from a single set of login credentials, rather than having to manage different credentials for each individual biller
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“The results of the latest doxoINSIGHTS report are clear: consumers know exactly what they want to make the bill pay experience better,” said Jim Kreyenhagen, doxo’s VP of Marketing and Consumer Services. “But the reality is that these top four improvements are difficult, so doxo’s bill pay network directly addresses these challenges for consumers and businesses alike — enabling them to better keep pace with fintech innovation, eliminate hidden costs, and meet top tier privacy and security standards. doxo solves these common pain points, bridging the gap between consumers’ and billers’ needs.”
The average household pays 12 recurring household bills including rent/mortgage, healthcare, dental insurance, auto insurance, auto loans, cable/internet & phone, life insurance, utilities, and alarm & security. On average, recurring bill payments comprise $914 for the average US Household, not including rent and mortgage payments. And this doesn’t include the additional $577 in hidden bill pay expenses each year.
In order to address consumer needs for enhanced security and achieve better financial health, earlier this year, doxo launched doxoPLUS, an all-in-one bill pay subscription with five essential protections for consumers. This includes $1,000,000 of identity theft protection in addition to overdraft, late fee and credit score protection. doxoPLUS empowers users with the tools to stay ahead on bills and improve their financial health, while eliminating the hidden costs of bill payment.
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