New Finvi and YouGov Survey Sheds Light into Consumers’ Communication and Payment Preferences
A majority of U.S. citizens prefer to make online payments for frequent bills
BURLINGTON, Mass. (March 15, 2023) – Sixty-five percent of U.S. adults who receive bills/billing statements prefer to make online payments for regular monthly bills. That is one of the key findings from a survey of more than 2,000 U.S. adults conducted by YouGov in partnership with Finvi, a leading provider of enterprise workflow automation software built to accelerate revenue recovery and simplify the payment process.
The survey was conducted to better understand consumer preferences — specifically how they want to communicate and pay.
“Understanding the preferences of today’s consumer is vital to organizations in the healthcare, ARM, and government industries,” said Tim O’Brien, CEO of Finvi. “This critical information allows our customers to develop customized communication strategies and personalized payment processes to increase customer satisfaction and speed up the payment process.”
Organizations should take note that consumers have a clear preference for transacting online. Survey results showed that of Americans who receive bills/billing statements:
- 50% prefer to get payment reminders via email.
- 40% prefer to receive bills and statements via email.
- 23% prefer to get payment reminders by text.
The survey also debunked a common misconception about the online activity of older consumers. Contrary to the popular opinion that digital adoption is the realm of the Millennial, Gen Z, and Gen X groups, the survey showed baby boomers have become active digital consumers, preferring to communicate and pay via digital channels nearly as much as younger generations.
Results from the survey, as well as analysis of the data, have been published in a new Finvi report, titled Understanding Today’s Digital Consumer.
The report reveals the survey results, as well as the importance of this data to organizations in understanding today’s digital consumers.
Organizations can significantly improve consumer engagement and operational efficiencies, as well as drive revenue growth when armed with better knowledge of who their consumers are and how they prefer to communicate and pay.
The survey also includes detailed demographic data, such as education level, age, and income, to give organizations an even more in-depth look at consumers. This comprehensive data is important for organizations as consumer demographics will likely vary among different types of account portfolios since not everyone is comfortable with all channels. With this data, organizations can improve segmentation strategies and customize consumer outreach.
Visit Finvi to read the report.
For more than 40 years, Finvi has been the premier provider of enterprise technologies that streamline and accelerate revenue recovery for clients across healthcare, government, accounts receivable management, and financial institutions. Our innovative solutions are built on a distinctly human-centric approach to innovation and service. Through process automation and modern, compliance-minded communication and payment tools, Finvi enables thousands of clients to generate more revenue at reduced costs and fulfill their business goals by effectively engaging those who pay.
At the heart of our company is a global online community, where millions of people and thousands of political, cultural and commercial organizations engage in a continuous conversation about their beliefs, behaviours and brands.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,411 adults. Fieldwork was undertaken between December 8-12, 2022. The survey was conducted online. The figures have been weighted and are representative of all U.S. adults (aged 18+).
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