Help Members Overcome Online Bill Pay Fears

Mobile and Internet banking systems are built with security as a top, critical priority, with various forms of encryption to exchange data with their credit unions core software and the member's internet browser or smartphone. Additionally, assure your members you have the tools in place to monitor usage and regularly scan for suspicious activity, blocking access to accounts and providing security notifications as well as security questions when signing in from a new device. Discuss with them that the argument can be made that paying bills electronically is actually more secure than sending payments through the mail.  According to the Equifax credit bureau, two-thirds of identity thefts start with lost or stolen mail, Social Security cards, checkbooks, bank statements or similar documents. Online bill paying doesn’t carry these risks, because there is no paper document to fall into the wrong hands.²

Online bill pay is easy

A big reason people fear technology is not just about safety concerns, but they fear the learning curve. If your credit union bill pay is complicated, or perceived as complicated, this could be a difficult initial step to overcome. Opening an online banking account can be a roadblock when a technically challenged member struggles multi-step processes. Once an account is opened, it doesn't mean your job is over. Members who fear technology can get overwhelmed with all the different options available within internet banking, or how to use the mobile app while on the go. Ensure that you are utilizing vendor integrations that will allow your members access to bill pay directly within your internet banking platform and mobile app. Requiring multiple apps and/or web pages can deter use.

Show them the savings

Online bill payment saves time and money. Forget about making trips to the post office or signing into multiple websites to pay your utilities. Once bill pay is set up, you sign into one application and pay multiple bills with just a few clicks. Members can also benefit from not having to order checks as often, nor paying for postage.  In most cases, bill pay programs can be set to automate recurring bills. Additionally, online and mobile banking in general keeps overhead costs low at the credit union. 

Learn more about the credit union industry's newest and most advanced omni-channel member banking experience, supporting vendor integrations such as bill pay.