A Research Report Developed by AlixPartners LLP
Given today’s mobile-oriented lifestyles, there is greater demand by consumers for convenience, speed, and flexibility in how they manage their lives and particularly in how they manage their money. To remain relevant with their existing customers and attract new customers, it will be critical for financial service providers to deploy mobile capabilities that meet the needs of today’s consumers.
Mobile image capture technologies, and specifically Mobile Photo Bill Pay, can provide banks with the critical differentiators they need. MPBP offers consumers speed, flexibility and convenience in bill payment, and it gives them greater alternatives in managing their finances.
Market growth of Mobile Photo Bill Pay will be driven by continued aggressive adoption of smartphones and tablets among consumers and the implementation and roll out of MPBP by leading financial services competitors. Mobile Photo Bill Pay adoption is expected to reach 33% among adult U.S. consumers by 2018, and result in 1.4 billion bills migrating to the MPBP channel. The value-proposition for both consumers and banks is compelling.
For financial institutions seeking to leverage their existing bill pay platforms, drive increased usage, expand their mobile banking offerings, and address consumer needs and demands for increased convenience, Mobile Photo Bill Pay offers great opportunities. Please download the research report more information.