SunTrust and CheckFree Study Links Electronic Billing and Payment with Significantly Higher Customer Retention and Profitability
08 Novembro 2007 - 12:00PM
PR Newswire (US)
New Research Underscores the Importance of Electronic Bills
(E-Bills) as Part of an Overall Strategy of Delivering an Optimized
Online Financial Services Experience ATLANTA, Nov. 8
/PRNewswire-FirstCall/ -- A new SunTrust Bank (NYSE:STI) and
CheckFree Corporation (NASDAQ:CKFR) study reveals a clear link
between electronic billing and payment habits and higher account
balances, customer loyalty and profitability. The study analyzed
consumer data from customer households during a 13- month period
from February 2006 through February 2007. It found that customers
who received and paid at least three e-bills per month at the
SunTrust website: -- Were 86 percent more profitable than offline
customers -- Had a 78 percent lower attrition rate on average --
Carried 121 percent higher deposit balances than the average
SunTrust customer -- Were twice as likely to have a mortgage and 60
percent more likely to have a savings account with the bank -- Paid
25 percent more bills online than other customers The study is the
first of its kind to isolate e-bills as a major factor in driving
customer retention and profitability based on a matched sample
analysis. Conducted by Aspen Marketing Services on behalf of
SunTrust and CheckFree Corporation, the study builds on previous
research findings that customers who use online billing and payment
services were more profitable and loyal to their financial
institutions. A 2007 Harris Interactive consumer bill payment
survey conducted for CheckFree found that consumers using e-bills
reported significantly greater satisfaction with their financial
institutions and were more likely to recommend a bank's online
offerings to friends and family, and 58 percent said they were less
likely to switch financial institutions as a result of using
e-bills. "Over the past several years, SunTrust has focused on
integrating value- added services like electronic bills to enhance
the online banking user experience as part of our broader strategy
to differentiate and drive the highest levels of customer
satisfaction and retention through the online channel," said Tom
Bennett, director of Consumer Deposits and Access Services at
SunTrust. "This landmark study shows that there is a strong link
among online banking, increased profitability and share of wallet,
and there's an even stronger link among e-bills, customer loyalty,
profitability and usage of other banking products." Details of the
study, including additional findings, will be formally presented by
SunTrust and CheckFree at the Bank Administration Institute (BAI)
Retail Delivery Conference on Nov. 15, 2007 at 11:15 a.m. in the
Expo Solutions Theatre, Mandalay Bay Resort in Las Vegas. A white
paper of the study, "The e-Bill Effect: The Impact on Customer
Attrition from Banks that Offer e-Bill," will be published by Aspen
Marketing Services and available for download at
http://www.checkfree.com/whitepapers. E-bills contain the same
information as paper bills but are delivered online rather than via
regular mail. Because it offers the ability to securely receive,
view and pay multiple bills at a single financial institution's
Website, e-billing helps consumers manage household bills in a more
organized, secure and convenient fashion. Replacing paper bills
with e-bills can also remove sensitive financial records from
unsecured mailboxes to help lower the risk of falling victim to
identity fraud. E-billing also contributes to environmental
conservation by reducing waste and pollutants associated with
producing, mailing and transporting paper bills and payments across
the country. "CheckFree is closely aligned with financial
institutions' highest priorities of generating revenues and
increasing overall customer satisfaction and retention. Our Online
Channel Optimization strategy combines CheckFree's industry-leading
online banking and bill payment service with value-added services
like e-bill," said Alex Hart, executive vice president and general
manager of CheckFree Electronic Banking Services. "SunTrust Bank
has been a valued CheckFree customer since 1995, and we're pleased
to be working closely with the bank to provide integrated online
banking and bill payment solutions, as well as the marketing
analytics and metrics that can help them achieve maximum return on
investment from the critically important online channel." About
SunTrust Banks (http://www.suntrust.com/) SunTrust Banks, Inc.,
headquartered in Atlanta, is one of the nation's largest banking
organizations, serving a broad range of consumer, commercial,
corporate and institutional clients. As of September 30, 2007,
SunTrust had total assets of $175.9 billion and total deposits of
$115.9 billion. The Company operates an extensive branch and ATM
network throughout the high- growth Southeast and Mid-Atlantic
states and a full array of technology-based, 24-hour delivery
channels. The Company also serves customers in selected markets
nationally. Its primary businesses include deposit, credit, trust
and investment services. Through various subsidiaries the Company
provides mortgage banking, insurance, brokerage, equipment leasing
and capital markets services. About Aspen Marketing Services
(http://www.aspenms.com/) Founded in 1986, Aspen Marketing Services
is the largest privately held marketing services agency in the
United States. Headquartered in West Chicago, IL, with offices in
Atlanta, Detroit, Los Angeles, Dallas, New York City, Phoenix,
Morristown, NJ, Rosemont, IL, San Diego and Tampa, Aspen Marketing
has more than 800 employees nationwide. Aspen Marketing offers an
extensive array of integrated, best-in-class services including
Direct Marketing, Consumer Promotions and Premiums, Event
Marketing, Public Relations, Digital Marketing and Database
Analytics for clients such as General Motors, AT&T, Honeywell,
Motorola, HP, Georgia-Pacific, Mutual of Omaha, Kraft Foods, JVC
and Omaha Steaks. http://www.aspenms.com/ About CheckFree
(http://www.checkfreecorp.com/) Founded in 1981, CheckFree
Corporation (NASDAQ:CKFR) provides financial electronic commerce
services and products to organizations around the world. CheckFree
Electronic Commerce solutions enable financial services providers
to offer the convenience of online banking, and along with billers,
to offer the convenience of receiving and paying household bills
online, via phone or in person through retail outlets. CheckFree
Investment Services provides a broad range of investment management
solutions and outsourced services to hundreds of financial services
organizations, which manage about $1.8 trillion in assets.
CheckFree Software develops, markets and supports software
applications that are used by financial institutions to process
more than 75 percent of the nearly 16 billion Automated Clearing
House transactions in the United States. The division also provides
financial institutions and other organizations with payment
processing and consulting, reconciliation and exception management,
fraud and risk management, cash and logistics management, and
compliance software and services. Certain of the Company's
statements in this press release are not purely historical, and as
such are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements regarding management's intentions, plans, beliefs,
expectations or projections of the future. Forward-looking
statements involve risks and uncertainties, including without
limitation, the various risks inherent in the Company's business,
and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended June 30, 2007 (filed August 24, 2007). One or more
of these factors have affected, and could in the future affect the
Company's business and financial results in future periods, and
could cause actual results to differ materially from plans and
projections. There can be no assurance that the forward-looking
statements made in this press release will prove to be accurate,
and issuance of such forward-looking statements should not be
regarded as a representation by the Company, or any other person,
that the objectives and plans of the Company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and the Company
assumes no obligation to update any forward-looking statements.
DATASOURCE: CheckFree Corporation CONTACT: Sheryl Roehl of
CheckFree Corporation, +1-678-375-1682, ; or Hugh Suhr of SunTrust
Banks, Inc., +1-404-827-6813, Web site:
http://www.checkfreecorp.com/ http://www.suntrust.com/
http://www.aspenms.com/
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