Millions of consumers use electronic bill pay to pay their bills online. This technology is wellestablished for about half the market — creating the opportunity to reach the other half of the market using a different approach. Banks that offer this service have been searching for new ways to create interest in bill pay given the positive effect it has on customer relationships. Banks have also been searching for ways to make bill pay more portable because of the growing interest in mobile banking — an interest driven by consumers’ desire to have greater control over their finances.
One way for banks to accomplish this is to combine elements of their existing bill pay offerings with another technology that is gaining adoption — mobile imaging technology — to enable consumers to pay bills using their mobile phones. This new offering, called mobile photo bill pay, automatically converts paper bills into electronic payments and can be used to on-board new payees into the bank’s bill pay portal, all while eliminating paper and increasing customer involvement.
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