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Industry News Study: Online bill payment now the top method 2010-07-16 A new study from Synergistics says that online bill payment has continued its recent growth, and is now the most common method of bill payment for all households with an internet connection, reports Bank Systems and Technology magazine. Researchers polled 1,000 people online over the ages of 18, and found that 73 percent of those households use online bill payment tools. This number shows that the payment method has grown by more than 37 percent in the last six years. Synergistics officials told the publication that the rising use of the technology meant that it couldn't be considered a "value-added service," but rather was necessary for institutions that want to keep up with the competition and maintain customer loyalty in banking. "The focus of financial institutions should be to continue to grow the proportion of bills paid online, as well as to drive as much of this activity as possible to their own sites, rather than billers, as a relationship-strengthening tactic," Synergistics CEO William McCracken told the magazine. The study also found that consumers were paying a bigger portion of their bills online, according to the source. Respondents indicated that 41 percent of all their bills were paid this way, while just 28 percent were paid with traditional paper checks. A study by Fiserv earlier this year showed the impact of online bill payment on customer retention. Researchers found that customers who used online bill payment were 76 percent less likely to leave their banks. 
Two More Words on Client Retention
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