Here s how it works. When the bill is available, the financial services organization or portal sends an e-mail to the consumer containing bill summary information, a link to bill details and a pay button.
Consumers can pay based on the summary information and link to the biller site to view bill details.
When the consumer clicks pay, his or her identity is authenticated at the financial services organization or portal s secure site before the payment is validated and settled with the biller. Online Customers Won't Give Up Branches and Phones Online banking and brokerage customers continue to rely on both online and offline channels to conduct transactions, says consulting firm Cyber Dialogue. These findings conflict with the desire of financial institutions to use the Internet to save on customer services costs. However, the analysis also supports the key proposition that an institution s most valuable customers have adopted the online channel as a value-added service. Those who take advantage of financial services multiple channels tend to be the organizations most valuable customers.