Source: Speedpay® Pulse, 2018
Mortgages still make up three percent of all U.S. bills paid monthly, on par with auto loans and property taxes, which each account for three percent of monthly bills. Although there are a variety of newer payment offerings available today, like mobile apps and virtual assistants, consumers still have a strong preference for paper and utilize traditional payment offerings like mail, the servicer’s website or banking website for their mortgage. The Speedpay® Pulse, a quarterly consumer billing and payments trends and behaviors survey of at least 3,000 U.S. adults responsible for two or more household payments a month, found that despite billers’ desire to move to digital payment methods, the majority of consumers (approximately 62 percent) still prefer to receive paper mortgage statements as well as make one-time payments using a check.
While this preference may seem like a challenge for mortgage servicers, it also presents an opportunity to educate consumers around digital payment offerings to help them become more comfortable with these channels. While consumers continue to slowly make the shift from print to digital, here are a few things mortgage servicers can do to help increase digital engagement and reduce the use of paper.
- Include multiple options for customer eBills: In order to encourage customers to adopt digital billing statements, mortgage servicers need to ensure customers feel comfortable utilizing this technology. Because of customer preference for paper, mortgage servicers need to continue to educate customers on eBilling capabilities to help them understand the convenience and dependability behind this option. By providing multiple eBilling options through mobile wallet integration, pull to a servicer’s site and push to customer email, mortgage servicers can cater to customer preferences and increase their likelihood of adopting this offering.
- Ensure digital statements are printer-friendly: According to the research, 61.9 percent of consumers said they still prefer paper mortgage billing statements because they serve as reminders to pay their bills. Additionally, 56.5 percent said they like paper for record keeping. By ensuring digital statements are printer-friendly and reminding customers of this during enrollment, customers will be more likely to adopt digital statements if they understand they may still secure a hard-copy of the statement when desired. Offering printer-friendly digital statements will help ease the transition from paper to digital.
- Provide an easy one- or two-click process: Since customers are comfortable with paper billing statements, mortgage providers need to provide an easy one- or two-click process to encourage customers to go paperless. By making this process simple, customers will quickly see how efficient and streamlined digital statements can be.
- Provide payment reminders: To help reduce days sales outstanding and encourage an efficient payments process, mortgage servicers should share payment reminders with customers via various channels including email, text and mobile wallet. By reaching out through multiple channels, mortgage providers can help ensure customers pay their bills in a timely fashion.
- Repetition: Along with notifications, mortgage providers should consistently remind customers of the various ways they can pay. During this communication, it’s important for mortgage providers to note that their goal is to cater to customer preference by reaching them how and when they want to pay. This customer-centric focus will help ease concerns about shifting from paper to digital.
Interested in learning more? Click here to read the full Speedpay® Pulse research report.
 Speedpay® Pulse, 2018