Greater Confidence In Internet Fuels Shift In Consumer Bill Payment Behavior
A recently released survey found that consumers today are more trusting of the Internet, particularly when it comes to financial management, and that there has been a significant, positive shift in several of the bill payment behavioral categories. This survey is a follow-up to a study announced in 2004 that first introduced Americans to six segments of bill-payer personalities. The research was conducted by Lieberman Research Worldwide, a Los Angeles-based firm that specializes in consumer segmentation research.
Thanks to a greater awareness of identity theft and prevention measures, the 2006 survey revealed that Americans are less concerned about online security today than in 2004, and trust electronic billing and payment systems. Specifically:
- The number of respondents that indicated they do not trust the Internet with the security of their financial information declined by 60 percent, from 20 percent in 2004 to just eight percent in 2006.
- Thirty-seven percent of 2006 respondents indicated they agreed that paying bills online is safer than paying them by mailing a paper check, as opposed to just 24 percent in 2004. This is an increase of more than 50 percent.
Researchers from Lieberman cite a reported 40 percent increase in the adoption of broadband Internet connectivity, which facilitates faster online financial activities. Additionally, more people are spending more time online -- 88 percent of the online population reports spending more than five hours per week online, with those who spend less than five hours online decreasing 54 percent since 2004. With heavier Internet use and online tenure comes more experience and, subsequently, greater confidence in both the Internet and security of its applications and services.
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