Santa Clara, Calif. — In an effort to retain some financial control in uncertain economic times, consumers are using tools to stay on top of bill payments. Billeo Inc. conducted a 2008 customer behavior study focusing on online bill payment trends. The results show that consumers are utilizing free online tools to track, manage and organize their transactions—insurance transactions included. Three-quarters of those who pay bills and shop online save electronic receipts of their transactions and identified ease of “tracking online purchases and payments” as a top motivator.
“The most important thing we glean from this study is that a growing number of consumers are not only more comfortable doing a variety of transactions online, but they prefer it,” says Murali Subbarao, founder and CEO of Billeo Inc. “We believe that the new economic situation will make them more savvy about how and when they spend their money and how they manage and store their online shopping and bill payment information. In uncertain times, they have the ability to exercise more control over how and when they pay bills, as well as how they track and evaluate expenses. To stay in control, consumers simply need to have some very basic online tools.”
Billeo’s survey revealed that more than half of people who transact online never pay late fees. The study found that more than 31% of those who transact online are baby boomers, and more than 58% are over the age of 45. The study also showed that more than 56% of those who transact online have attended college with more than half acquiring a graduate degree. In terms of credit cards, 90% have credit cards and 47% carry no debt on their cards.
In other research, Billeo found that credit card bills are the most popular bill paid online by consumers in terms of number of bills paid. Other categories, in order of number of bills paid online, were: utilities, telephone, cable/satellite television, wireless and insurance. In terms of average transaction amount, credit card bills were the highest with $602 per bill. Other categories in order of transaction amount include: insurance (with $319), utilities (with $217), cable/satellite television (with $162), wireless (with $159) and telephone (with $143).
Source: Billeo Inc.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access