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Study at ConEd Details Improved Collections, Lower Costs from Electronic Bills
August 24, 2011
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Fiserv, Inc., a financial services technology solutions provider, announced results of a study of Consolidated Edison customers that shows offering electronic bills through online banking or the company's website can lead to enhanced cash flow and reduced customer care costs.
The study indicates that customers who receive electronic bills (e-bills) via a financial institution or the ConEdison website are more likely to make on-time payments, and utilize online self-service rather than customer service calls.
Conducted by AccuData, the study analyzed two million customer records with a focus on three customer segments: those receiving paper bills, those receiving e-bills via online banking, and those receiving e-bills at the ConEdison website. The study found that e-bill use had correlations with:
- Frequent On-Time Payments: Customers receiving e-bills via online banking were 22 percent more likely to make on-time payments, and customers receiving e-bills at ConEd.com were 6 percent more likely to make on-time payments, when compared to paper bill recipients.
- Reduced Customer Service Calls: Customers receiving e-bills via online banking were 64 percent less likely to call live customer service per month, and customers receiving e-bills at ConEd.com were 39 percent less likely to call, when compared to paper bill recipients.
- High Online Self-Service Engagement at ConEd.com: On average, customers receiving e-bills via online banking or the Con Edison website conducted 1.57 and 1.37 registered self-service visits per month at ConEd.com, respectively. In contrast, paper bill users performed such activities 0.71 times per month.
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