Bank of America Survey Says Online Telephone Bills Most Popular; Customers Interested in Online Bills Don't Want Paper Versions

Apr 30, 2001, 01:00 ET from Bank of America

    CHARLOTTE, N.C., April 30 /PRNewswire/ -- If Bank of America online
 customers have it their way, bulky paper telephone bills might be the first to
 disappear in a puff of technological smoke.
     Bank of America, the nation's leading provider of online financial
 services, recently polled its online banking customers and found that utility-
 related bills -- in particular telephone bills -- were the most popular types
 of bills to receive online.
     Eighty-eight percent of those who expressed an interest in online bill
 presentment said they wanted to receive their telephone bills that way.  Other
 utility bills -- such as cable, water and garbage -- ranked a close second
 with 87%; followed by gas and electric bills at 86%.
     Surprisingly, more than two-thirds of those customers who were interested
 in receiving online bills said they would elect to stop receiving their paper
 counterparts.
     "This survey confirms that we're delivering the types of services our
 customers want most," said Jeanine Brown, Bank of America Interactive Banking
 executive.  "Online Banking allows our customers to receive bills
 electronically -- including a number of utility bills -- and pay them in
 minutes on a single, secure Web site."
     Nearly 850,000 Bank of America customers have signed up for electronic
 billing and payment (EBP) service, and the total dollar value of payments
 processed grew 36% last year.  In March 2001, a record 3.6 million electronic
 bill payments were made, totaling $1.2 billion.
 
     Other key findings from the survey include:
 
     --  Approximately three-quarters of those interested in receiving e-bills
         wanted credit card and insurance bills presented online; about two-
         thirds wanted to receive personal and mortgage loan statements online.
 
     --  Top reasons cited by survey participants for their interest in EBP
         service include:  don't need stamps/envelopes (16%), convenient/time
         saving (15%); and easy to use (15%).
 
     --  Customer awareness of EBP service is extremely high.  More than 90% of
         those surveyed reported that they knew about the service.
 
     Bank of America, one of the first banks to offer online bill presentment
 in 1999, recently completed the roll out of its new EBP platform nationwide --
 making more bills and more billers available to its online customers than any
 other major bank.
     The bank teamed last year with CheckFree Corporation (Nasdaq:   CKFR) to
 deliver this enhanced service because of increasing consumer demand for EBP
 and other online solutions that offer added value and convenience.  A recent
 report by Jupiter Research concluded that EBP adoption will take off quickly
 in 2001, doubling in volume in the next two years.  By 2005, the firm
 predicts, more than 40 million households will view and pay their bills
 online.
     Bank of America has launched an aggressive marketing campaign promoting
 Online Banking to further increase consumer awareness and adoption of EBP
 service.  Together with CheckFree, the bank will spend $45 million over the
 next two years on marketing efforts, including a mix of radio, newspaper and
 outdoor ads promoting the service.
     The bank also is working with a number of national and regional billers,
 which have contracted with CheckFree to distribute their bills, to increase
 awareness of EBP among their customers.
     "Electronic billing and payment offers tremendous potential," said
 Katherine Bagin, Consumer e-Relationships vice president for AT&T.  "It not
 only drives down billing, marketing and other costs, but it provides the
 foundation on which to build one-to-one, interactive relationships with
 customers online."
     More than 1,000 California online banking customers were surveyed to
 determine their level of awareness of and interest in EBP service.  The
 surveys were conducted by phone over a three-week period, ending in
 January 2001.
     One of the world's leading financial services companies, Bank of America
 is committed to making banking work for customers like it never has before.
 Through innovative technologies and the ingenuity of its people, Bank of
 America provides individuals, small businesses and commercial, corporate and
 institutional clients across the United States and around the world new and
 better ways to manage their financial lives.  The company enables customers to
 do their banking and investing whenever, wherever and however they choose
 through the nation's largest financial services network, including
 approximately 4,400 domestic offices and nearly 13,000 ATMs, as well as
 38 international offices, a telephone banking network that handles over a half
 billion calls a year and an Internet Web site that provides online access for
 over 3 million customers, more than any other bank.
     Bank of America stock (NYSE:   BAC) is listed on the New York, Pacific and
 London stock exchanges.  The company's Web site is www.bankofamerica.com.
 News, speeches and other corporate information may be found at
 www.bankofamerica.com/newsroom.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X49744085
 
 

SOURCE Bank of America
    CHARLOTTE, N.C., April 30 /PRNewswire/ -- If Bank of America online
 customers have it their way, bulky paper telephone bills might be the first to
 disappear in a puff of technological smoke.
     Bank of America, the nation's leading provider of online financial
 services, recently polled its online banking customers and found that utility-
 related bills -- in particular telephone bills -- were the most popular types
 of bills to receive online.
     Eighty-eight percent of those who expressed an interest in online bill
 presentment said they wanted to receive their telephone bills that way.  Other
 utility bills -- such as cable, water and garbage -- ranked a close second
 with 87%; followed by gas and electric bills at 86%.
     Surprisingly, more than two-thirds of those customers who were interested
 in receiving online bills said they would elect to stop receiving their paper
 counterparts.
     "This survey confirms that we're delivering the types of services our
 customers want most," said Jeanine Brown, Bank of America Interactive Banking
 executive.  "Online Banking allows our customers to receive bills
 electronically -- including a number of utility bills -- and pay them in
 minutes on a single, secure Web site."
     Nearly 850,000 Bank of America customers have signed up for electronic
 billing and payment (EBP) service, and the total dollar value of payments
 processed grew 36% last year.  In March 2001, a record 3.6 million electronic
 bill payments were made, totaling $1.2 billion.
 
     Other key findings from the survey include:
 
     --  Approximately three-quarters of those interested in receiving e-bills
         wanted credit card and insurance bills presented online; about two-
         thirds wanted to receive personal and mortgage loan statements online.
 
     --  Top reasons cited by survey participants for their interest in EBP
         service include:  don't need stamps/envelopes (16%), convenient/time
         saving (15%); and easy to use (15%).
 
     --  Customer awareness of EBP service is extremely high.  More than 90% of
         those surveyed reported that they knew about the service.
 
     Bank of America, one of the first banks to offer online bill presentment
 in 1999, recently completed the roll out of its new EBP platform nationwide --
 making more bills and more billers available to its online customers than any
 other major bank.
     The bank teamed last year with CheckFree Corporation (Nasdaq:   CKFR) to
 deliver this enhanced service because of increasing consumer demand for EBP
 and other online solutions that offer added value and convenience.  A recent
 report by Jupiter Research concluded that EBP adoption will take off quickly
 in 2001, doubling in volume in the next two years.  By 2005, the firm
 predicts, more than 40 million households will view and pay their bills
 online.
     Bank of America has launched an aggressive marketing campaign promoting
 Online Banking to further increase consumer awareness and adoption of EBP
 service.  Together with CheckFree, the bank will spend $45 million over the
 next two years on marketing efforts, including a mix of radio, newspaper and
 outdoor ads promoting the service.
     The bank also is working with a number of national and regional billers,
 which have contracted with CheckFree to distribute their bills, to increase
 awareness of EBP among their customers.
     "Electronic billing and payment offers tremendous potential," said
 Katherine Bagin, Consumer e-Relationships vice president for AT&T.  "It not
 only drives down billing, marketing and other costs, but it provides the
 foundation on which to build one-to-one, interactive relationships with
 customers online."
     More than 1,000 California online banking customers were surveyed to
 determine their level of awareness of and interest in EBP service.  The
 surveys were conducted by phone over a three-week period, ending in
 January 2001.
     One of the world's leading financial services companies, Bank of America
 is committed to making banking work for customers like it never has before.
 Through innovative technologies and the ingenuity of its people, Bank of
 America provides individuals, small businesses and commercial, corporate and
 institutional clients across the United States and around the world new and
 better ways to manage their financial lives.  The company enables customers to
 do their banking and investing whenever, wherever and however they choose
 through the nation's largest financial services network, including
 approximately 4,400 domestic offices and nearly 13,000 ATMs, as well as
 38 international offices, a telephone banking network that handles over a half
 billion calls a year and an Internet Web site that provides online access for
 over 3 million customers, more than any other bank.
     Bank of America stock (NYSE:   BAC) is listed on the New York, Pacific and
 London stock exchanges.  The company's Web site is www.bankofamerica.com.
 News, speeches and other corporate information may be found at
 www.bankofamerica.com/newsroom.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X49744085
 
 SOURCE  Bank of America