Payment Switch, announced Monday (Oct. 19), lets consumers transfer payments for things like utility bills or streaming services to a U.S. bank debit or credit card via the bills and subscription dashboard on the bank’s mobile app without visiting every merchant site or third-party service.
That dashboard shows users upcoming charges, spots spend patterns and offers insight if a recurring payment changes from previous months,
This is designed to help “customers catch increases, avoid surprises and decide what subscriptions they want to keep,” the bank said in a news release.”By simplifying how customers see and manage their recurring payments, U.S. Bank makes it easier to stay in control of their finances.”
Payment Switch was developed in tandem with FinTech provider Atomic, which also powers U.S. Bank’s automated direct deposit setup. This new capability is the third component of U.S. Bank Easy Switch, a tool that helps customers quickly move their banking relationship to U.S. Bank.
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It’s also one of several recent additions to the bank’s larger Bank Smartly customer experience, along with checking, savings and a Visa card program.
Recent PYMNTS Intelligence research shows that many consumers are not paying bills in the manner that they want to pay.
More than half of all consumers surveyed (55%) said they would prefer to pay recurring bills via credit card, though just 18% commonly did so, according to “The Service Commerce Performance Gap,” produced in collaboration with Paymentus.
The research found a 31-point gap with digital wallet usage, with 41% preferring them but just 10% actually using them the most. Provider installment plans were preferred by 23% of respondents but used most by only 2%.
In addition, the research found that providers may also have “limited visibility into what drives customers away.”
Sixty-five percent of providers surveyed said they understood their churn drivers well, though only 19% were able to offer data and segmented analysis to support that assessment. Among providers experiencing increasing churn, 84% depended on general impressions or partial visibility rather than concrete analysis.
“Billing performance, in other words, gives providers a measurable customer-retention signal that many may not be tracking closely enough,” PYMNTS wrote.
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