{"id":399781,"date":"2020-12-15T08:03:58","date_gmt":"2020-12-15T13:03:58","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=399781"},"modified":"2020-12-15T08:03:58","modified_gmt":"2020-12-15T13:03:58","slug":"aci-speedpay-pulse-study-finds-35-percent-of-consumers-who-have-missed-bill-payments-during-covid-19-do-not-expect-to-catch-up-for-at-least-six-months","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/aci-speedpay-pulse-study-finds-35-percent-of-consumers-who-have-missed-bill-payments-during-covid-19-do-not-expect-to-catch-up-for-at-least-six-months\/","title":{"rendered":"ACI Speedpay Pulse Study Finds 35 Percent of Consumers Who Have Missed Bill Payments During COVID-19 Do Not Expect to Catch Up for at Least Six Months"},"content":{"rendered":"

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ACI Speedpay Pulse Study Finds 35 Percent of Consumers Who Have Missed Bill Payments During COVID-19 Do Not Expect to Catch Up for at Least Six Months<\/b><\/p>\n

Driven by pandemic, consumers\u2019 needs for fast, flexible bill payment options increase<\/i><\/p>\n

NAPLES, Fla.–(BUSINESS WIRE<\/a>)–
\nNew data from ACI Worldwide<\/a> (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions<\/a>, shows that more than a third of consumers will take at least six months to catch up on missed bill payments due to COVID-19. The study, which surveyed 3,000 U.S. adults, also showed that 3 in 10 consumers in the U.S. saw a decrease in income following the onset of the pandemic, necessitating the need for more flexible payment options from billers.\n<\/p>\n

\nAccording to the study, 1 in 10 consumers reported currently having past-due monthly bills as a direct result of their financial situation during the pandemic, with 65 percent stating it will take up to six months to catch up on missed payments. To address this growing uncertainty, 15 percent contacted billers for payment arrangements or deferrals, according to the data.\n<\/p>\n

\n\u201cCustomer satisfaction has been directly impacted by billers\u2019 abilities to evolve alongside consumers\u2019 changing needs and concerns, and billers must act quickly to anticipate these through flexible solutions,\u201d said Sanjay Gupta, executive vice president, ACI Worldwide. \u201cFor example, to ease financial strain and provide loyalty incentives, we saw auto insurers offer rebates or policy credits early on during the pandemic as many were driving less due to stay-at-home safety measures. Trends around payment plans and extensions will likely remain key differentiators as the pandemic continues.\u201d\n<\/p>\n

\nThe Pulse study showed that 80 percent of consumers check their payment source within the same week, if not immediately, to see if their bill payment has processed, indicating a need for faster payments processing.\n<\/p>\n

\n\u201cWe know that consumers have an appetite for faster transactions, which has become critical in supporting people\u2019s daily lives, for example, disbursements and refunds from insurance companies and government aid,\u201d Gupta continued. \u201cAs billers are faced with a choice \u2014 adapt their offerings to changing consumer preferences or stick with the status quo \u2014 we expect the demand for and adoption of faster payments to accelerate further.\u201d\n<\/p>\n

Key Findings:<\/span><\/b><\/p>\n

Shift from paper to digital:<\/b><\/p>\n