Released: 2013 Financial institutions considering adoption of smartphone-image-based bill payment must undertake two analytical tasks to evaluate the potential return on such an investment. First, a bank must determine the achievability and quantifiability of each benefit to determine whether each improvement should be included in a metrics-based business case. Second, the value of the benefits most easily achieved and most readily quantified should be quantified and the return on investment (ROI) for the potential deployment estimated. This Aite white paper explores the potential benefits to banks of using photo-based bill payment to capture a larger portion of consumers' bill payment activity and assists in quantifying such potential benefits.

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Broadening Bill Payment Adoption With
Photo-Based Payment: Quantifying the
Benefits

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TABLE OF CONTENTS
INTRODUCTION .............................................................................................................................................. 3
METHODOLOGY........................................................................................................................................ 4
SMARTPHONE-IMAGE-BASED BILL PAYMENT ................................................................................................ 5
BENEFITS................................................................................................................................................... 5
ASSESSING A POTENTIAL ADOPTION.............................................................................................................. 6
EXAMINING THE BENEFITS........................................................................................................................ 6
ESTIMATING THE POTENTIAL ROI............................................................................................................. 7
ESTIMATING THE BUILT-IN MARKET ................................................................................................... 7
INCREASED DDA BALANCES ................................................................................................................ 8
REDUCED CHURN ................................................................................................................................ 9
INCREASED FEES................................................................................................................................ 10
ESTIMATING THE COSTS.................................................................................................................... 11
NETTING IT OUT—THE METRICS....................................................................................................... 12
CONCLUSION ................................................................................................................................................ 13
ABOUT AITE GROUP...................................................................................................................................... 14
AUTHOR INFORMATION ......................................................................................................................... 14
CONTACT................................................................................................................................................. 14
LIST OF FIGURES
FIGURE 1: ESTIMATED ALLOCATION OF U.S. BILL VOLUME BY CHANNEL...................................................... 3
FIGURE 2: ASSESSING THE BENEFITS OF SMARTPHONE-IMAGE-BASED BILL PAYMENT ................................ 6
FIGURE 3: ESTIMATING ADOPTION BY EXISTING CUSTOMERS ...................................................................... 8
FIGURE 4: ESTIMATING THE RETURNS ON HIGHER DDA BALANCES .............................................................. 9
FIGURE 5: ESTIMATING THE BENEFIT OF REDUCED CHURN......................................................................... 10
FIGURE 6: ESTIMATING THE BENEFIT FROM NEW FEES............................................................................... 11
LIST OF TABLES
TABLE A: DEPLOYMENT SNAPSHOT.............................................................................................................. 12

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INTRODUCTION
Although banks have made significant investments in the scale and capabilities of their online bill
payment platforms, retail customers' low rates of bill payment activity hinders returns on
investment in these technologies at most banks. In fact, Aite Group estimates that 85% of
Americans' bill payments are transacted by means other than bank billing sites (Figure 1).
Figure 1: Estimated Allocation of U.S. Bill Volume by Channel
Source: Aite Group survey of 4,696 U.S. consumers, July 2010
Aite Group-identified barriers to broadening bill payment across bank customers include the
following:
• Convenience: The majority of consumers' bills, such as rent and medical bills, are
paid to relatively small billers that are seldom pre-configured by their banks as
payees. Preferring to avoid lengthy and error-prone onboarding processes,
consumers have chosen not to onboard such payees, which reduces consumers'
levels of activity at banks' bill payment sites.
• Promotion: Many channels compete for consumers' bill payment activity. With
credit cards offering points based on the level of a cardholder's payment volume and
billers themselves offering cash discounts, consumers can are motivated to not rely
solely on their bank for completing bill payments.
• Switching propensity: Consumers can be quite fickle in deciding how to pay their
bills. A 2010 Aite Group survey of 4,696 American consumers found that 79% of
smartphone users and 33% of other device users stated they were "very likely" to
change bill payment behavior if they found a more convenient way to pay their bills.
34% 33% 32% 31%
23% 24% 25% 26%
15% 14% 14% 13%
14% 15% 15% 15%
10% 10% 10% 10%
2010 e2011 e2012 e2013
Estimated Allocation of U.S. Bill Volume by Channel, 2010 to e2013
Mobile (biller+bank)
Phone
Direct debit
Bank site (incl.
recurring)
In-person
Biller site (incl.
recurring)
Mail

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Similarly high percentages of consumers were willing to switch channels to obtain
rewards for paying with a credit or debit card.
If there is a silver lining to banks' challenges in getting consumers to use their bill payment sites,
it is the convenience factor of these sites. In fact, the key to wooing more consumers onto banks'
bill payment sites may well lie in consumers' desire to bring more convenience into their lives by
performing more transactions over their smartphones.
The adoption of remote deposit capture (RDC)—the use of a phone-based image to deposit a
check at a bank—provides a strong proxy for this trend. Aite Group estimates that during 2012,
13% of smartphone users and 6% of tablet users used RDC over these devices to deposit a check.
The availability of smartphone-based RDC as a proxy for consumers' propensity to adopt other
smartphone-based services is valuable, as new phone-based photographic capabilities are
available for consumers to use in the onboarding of new billers to their bank's bill payment
capabilities and the payment of bills. This technology, if adopted by banks, has the potential to
expand the use of banks' bill payment sites to more consumers and to deepen banks'
relationships with their customers.
METHODOLOGY
This white paper explores the potential benefits to banks of using photo-based bill payment to
capture a larger portion of consumers' bill payment activity and assists in quantifying such
potential benefits. This white paper is based on ongoing, in-depth Aite Group discussions with
senior management at global banks from mortgage, retail, commercial, and wealth management
departments. The analysis is also based on the following Aite Group surveys and interviews:
• A global survey of executives at 54 banks with more than US$10 billion in assets, Q2
2012
• A survey of 4,696 U.S. consumers about their bill payment practices conducted in
July 2010.
• In-depth interviews with 4 banks that have been early adopters of photo-based bill
payment
• Surveys of more than 1,000 U.S. consumers about their adoption and use of
smartphones and tablets conducted in Q2 2012 and May 2013
Executives contributing to our research have extensive business or IT responsibilities and titles
that include chief technology officer, chief risk officer, chief information officer, executive vice
president, vice president, senior vice president, and director. Also incorporated are results from
discussions with regulators and reviews of government reports, guidance, and industry surveys.

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SMARTPHONE-IMAGE-BASED BILL PAYMENT
Smartphone-image-based bill payment involves consumers and businesses using cell phones to
photograph bills in order to both pay bills and onboard new billers onto a bank's bill payment
platform. Though seemingly narrow in its range of features and functionality, the capability
introduces a new level of convenience that may change the nature of bill payment. Whereas
onboarding a new biller has traditionally required a bank customer to sit at his or her computer
and input a variety of data points such as the biller's name and address and the payee's account
number, this new technology only requires the customer to photograph the bill with his or her
cell phone. After the consumer uses an app to transmit the image to the bank, Mitek software
extracts data from the image and integrates it with the existing data set for that customer and
his or her biller; if the biller is new, it is automatically onboarded and the bill then paid. In
addition to acquiring and transmitting billing-related data, smartphone-image-based bill
payment typically also offers banks' customers the option to expedite payment of a bill for a fee.
BENEFITS
In an effort to evaluate for banks the benefits of adopting smartphone-image-based bill
payment, Aite Group examined three early adopters of one such capability: Mitek Mobile Photo
Bill Pay. In both examining the system's capabilities and talking with three banks in the early
stages of adopting this capability, Aite Group identified the following benefits:
• Increased demand deposit account (DDA) balances: By using smartphone-image-
based bill payment to capture more of their customers' bill payment activity, banks
can increase average account balances maintained by customers who will be funding
a higher level of bill payment activity.
• Reduced churn: Retail banking customers who use their primary bank for bill
payment are less likely to churn, resulting in a higher lifetime value and avoided
costs of customer replacement.
• Added profits on new fees: In addition to making it easy for banking customers to
onboard billers and make payments, photo-based bill payment also gives bill payers
the opportunity to expedite payments, creating a new source of fees for banks.
• Accelerated customer acquisition: The traditional onboarding of a biller to a bank's
billing site requires a significant amount of time and a variety of data points such as
addresses and account numbers. Although not a particularly arduous task, it is
inconvenient enough that it presents a disincentive to retail customers who might
otherwise switch banks. Conversely, consumers given the ability to onboard billers
using just an image from a cell phone are likely to be far less reluctant to switch
banks.
• Reduced call center costs: By eliminating the possibility of keystroke errors during
biller onboarding and bill payment, photo-based bill payment can reduce the
number of payment errors that customers make and that require troubleshooting
assistance from a call center.

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ASSESSING A POTENTIAL ADOPTION
Banks considering adoption of smartphone-image-based bill payment must undertake two
analytical tasks to evaluate the potential return on such an investment. First, a bank must
determine the achievability and quantifiability of each benefit to determine whether each
improvement should be included in a metrics-based business case. Second, the value of the
benefits most easily achieved and most readily quantified should be quantified and the return
on investment (ROI) for the potential deployment estimated.
EXAMINING THE BENEFITS
When examining banks that were early adopters of smartphone-image-based bill payment, Aite
Group gathered data on the achievability, quantifiability, and magnitude of each identified
benefit. With the ability of this new technology to cause consumers to switch payment channels
and the availability of churn-related data, higher balances and reduced churn were found to be
the most quantifiable and readily achieved benefits. New fees were also found to be highly
quantifiable and achievable based on data from an early adopter's proof-of-concept
deployment. Benefits with fewer related metrics and observable changes included reduced call
center costs and overcoming consumers' objections to changing banks (Figure 2).
Figure 2: Assessing the Benefits of Smartphone-Image-Based Bill Payment
Source: Aite Group
Low
Low
High
High
Achievability
Easeofquantification
New fees
Lower CC costs
Overcome switching
objections
Reduced churn
Higher balances

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Aite Group expects Figure 2 to change significantly as this new capability matures. Over time,
banks will gather more data on outcomes related to the use of this new technology and find the
benefits increasingly achievable and more readily quantifiable. For example, banks that support
their adoption of the technology by heavily emphasizing it in their media campaigns or staff
interactions with prospects may be able to quantify the number of new customer wins achieved
as a result of this capability. Additionally, as more bank customers use their phone cameras for
billing, banks may over time be able to quantify the resulting reduction in the average number of
call center interactions per customer. As a result, Aite Group expects some of the spheres in
Figure 2 to gradually move to both up and to the right.
ESTIMATING THE POTENTIAL ROI
Aite Group strongly advises banks using ROI-based business cases to evaluate potential
technology investments and determine where best to invest their scarce IT-related capital. Banks
should maximize the credibility and accuracy of such business cases by emphasizing the benefits
shown in the upper right-hand quadrant of an analysis such as Figure 2.
The following sections use a mid-tier regional U.S. bank as an example to illustrate how
champions of a technology can quantify such potential benefits. The bank has between US$50
billion and US$100 billion in total assets, has branches in more than five states, and is seeking
ways to cost effectively provide services that will enable it to compete with rivals that have more
significant IT capabilities and budgets. The following calculations are based on an ROI calculator
that was built by Aite Group based on interviews with early adopters of Mobile Photo Bill Pay.
The annual ROI is equal to the average annual net benefit of the deployment divided by total
initial costs and its calculation requires identification of all quantifiable benefits from the
deployment over the 3 years following the go-live date, all ongoing costs over the same period,
and the initial costs to deploy.
ESTIMATING THE BUILT-IN MARKET
In order to quantify the potential benefits from smartphone-image-based bill payment, the first
estimate should be the number of a bank's customers who do not use the bank's bill payment
site but are likely to adopt this capability should it become available to them. Four metrics can
be combined to estimate this population over the first three years:
• The number of a bank's retail customers: The bank used as an example here has
700,000 retail customers.
• The percentage of retail customers who are likely to possess and use a
smartphone: Based on Aite Group research, approximately 59% of Americans use
these devices.
1
• The growth rate in the population of smartphone users: Aite Group estimates that
the population of smartphone users is growing at a cumulative annual growth rate
(CAGR) of 30%.
1. Aite Group survey of 1,242 U.S. consumers, May 2013.

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• The percentage of smartphone users likely to adopt smartphone-image-based bill
payment: Based on its December 2012 survey of 1,115 U.S. consumers, Aite Group
estimates that use of RDC by smartphone users will be 18% in 2013, 22% in 2014,
and 27% in 2015. After the example bank considered these adoption rates, the
demographics of its customer base, and the fact that aggressive sales and marketing
efforts will support the rollout of Mobile Photo Bill Pay, the bank estimated that
adoption rates would reach 10%, 15%, and 20% during the first, second, and third
years following adoption, respectively.
The estimates for this mid-tier bank indicate that smartphone-image-based bill payment is likely
to be adopted by more than 41,300 of its customers in the first year and almost 140,000 in the
third year (Figure 3).
Figure 3: Estimating Adoption by Existing Customers
Source: Aite Group
INCREASED DDA BALANCES
With the forecast number of adoptions of smartphone-image-based bill payment in-hand, it is
possible to quantify the benefits from the technology. One benefit of customers' use of bill
payment capabilities is higher DDA balances; the more bills customers pay, the more likely they
are to maintain higher balances in order to avoid overdraft fees. In addition to the forecast
number of adopters, quantifying the benefit from higher DDA balances requires the following
data points:
• The average balance held at the bank by customers who do not use bill payment
services: This will vary by bank, based on its customers' demographics and the mix
of services used by the average customer. In the case of the mid-tier bank used as an
example here, the average balance is US$2,000.
• The average spread earned on DDA balances: This will also vary widely by bank,
reflecting the overall risk weighting and returns earned on invested assets.
According to contacts at the bank being used as an example, a spread of 1.50% is
earned on its customers' DDA balances.
• The average increase to customers' DDA balance after they begins using a bank's
bill payment capabilities: When Bank of America compared such customers to a
control group in 2002, the bank found that these customers' DDA balances were
Year 1 Year 2 Year 3
413,000 536,900 697,970
10% 15% 20%
41,300 80,535 139,594
What is the compound annual growth rate for this population of smartphone users?
59%
30%
700,000customersHow many retail customers does your bank have?
What percentage of your customers uses smartphones?
Estimated number of smartphone users in your bank's customer base
Estimated Mobile Photo Bill Pay adoption rate
Estimated Mobile Photo Bill Pay user base
numberof yourcustomerswithsmartphones, we’llestimate the numberlikelytoadoptthis new capability.

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higher by 24% nine months after bill-pay adoption, 31% higher 19 months after
adoption, and 38% higher 31 months after adoption
2
.
The estimates for this mid-tier bank indicate that introducing smartphone-image-based bill
payment is likely to significantly increase customer balances and the resulting spreads earned on
those balances (Figure 4).
Figure 4: Estimating the Returns on Higher DDA Balances
Source: Aite Group
REDUCED CHURN
When customers begin using a bank's bill payment capabilities, be they Internet or phone based,
they become less likely to switch to another bank. Although the many ways to estimate the value
of reduced churn include quantifying the cost to replace a customer, Aite Group has chosen not
to use that metric. The costs to obtain and retain customers are relatively sunk and nonvariable;
when bank loses a customer, it does not respond by incurring new out-of-pocket expenses to
replace that customer. A better way to quantify increased retention is to estimate the avoided
loss of that customer's contribution to the bank's bottom line. Estimating the value of this
benefit requires the following metrics:
• The average annual profit, including spreads earned on DDA balances and fees,
earned on the typical customer who does not use bill payment capabilities:.
Although this will vary by bank based on the institution's fee structure and spreads,
it can be estimated based on average customer balances, average spreads earned on
DDA balances, and a nominal assumption of the average amount of fees paid for
services such as debit cards and overdrafts. For the bank used as an example, annual
profit included the spread earned on the DDA balances and US$55 in annual fees.
• The average churn rate for a customer who does not use his or her bank's bill
payment capabilities: Although churn rates vary widely based on a customer's years
with a bank and the number of products he or she uses, a good proxy is a 12% churn
rate obtained during a Harland Clark survey
3
of 55 million households and based on
customers using just three bank services, a rate of bank service utilization that
approximates consumers who do not turn to their banks for bill payment services.
2. Bank of America 2002 control group study of adopters and non-adopters of online bill payment
3. Harland Clarke, National Banking Industry Annual Benchmarks At a Glance, 2012
Year 1 Year 2 Year 3 Total
24% 31% 38% NA
Estimated annual benefit 297,360 748,976 1,591,372 2,637,707
What is the average spread earned by your bank on customer deposits?
Estimated annual benefit—higher DDAs
What is the average balance of a customer at your bank that does not use online bill pay? 2,000
1.50%
Average increase in DDA balances when a depositor adopts bill pay

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• The average reduction to churn when a customer begins using his or her bank's bill
payment capabilities: A 2006 survey by Aspen Analytics
4
indicated that customers
regularly using a bank's bill payment capabilities were 78% less likely to churn than
were other customers.
The assumptions for the example mid-tier bank—including the number of customers likely to
adopt smartphone-image-based bill payment, average balances, and churn data—indicate that
this technology would enable the bank to retain spreads and fees that it would likely have
otherwise lost to churn (Figure 5).
Figure 5: Estimating the Benefit of Reduced Churn
Source: Aite Group
INCREASED FEES
New fees are also a benefit of smartphone-image-based bill payment. When customers use
Mitek's smartphone-image-based bill payment capability to pay a bill, they often have the option
to expedite that payment. The availability of this option depends on the payee and whether
payment expediting can be accommodated by a bank's bill-pay system, service offering, and
mobile application user interface. In one early adopting bank's proof-of-concept deployment of
this capability, customers chose to expedite 3.5% of their payments; they sometimes elected to
pay an expedited fee that exceeded the amount of the bill being paid. Estimating the impact of
this benefit requires the following metrics:
• The average number of annual bills paid by a customer: Aite Group's December
2012 survey of 1,115 U.S. consumers found that when avid smartphone users
changed bill payment methods, they typically did so with two or three of their
monthly bills.
• The percentage of bills to be expedited: Aite Group recommends using the 3.5%
observed in an early adopter's proof-of-concept deployment.
• The average fee: This will vary widely by bank and is a function of each bank's
customer base and those customers' willingness to incur fees in return for
convenience or to avoid late fees when paying bills. In examining early adopters,
Aite Group observed fees that ranged between US$5 and US$25. The bank being
4. Digital Transactions "Green Appeals Effective in Recruiting e-Bill Users, Research Shows," March 26
2008
Year 1 Year 2 Year 3 Total
212,612 414,594 718,630 1,345,836
55What is the annual profit, including fees, earned on the average customer who does not use bill pay?
Industry research indicates bill pay can reduce customer churn by 78.0%
What is the typical attrition rate (annual percentage of customers lost) for customers not using bill pay? 12.0%
Estimated annual benefit—reduced churn

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used as an example examined the price sensitivity of its customer base and
estimated that the average expedite fee would be US$15.
• Gross margin on fees: Early adopters benefitting from expedited payment fees
estimated that their gross margin on such revenue is 65%.
Based on its estimated population of adopters and their forecast use of the expedited payment
option, the bank used as an example is forecast to earn a total of US$4.1 million during the
three-year period following the adoption of smartphone-image-based bill payment (Figure 6).
Figure 6: Estimating the Benefit From New Fees
Source: Aite Group
ESTIMATING THE COSTS
When a bank adopts smartphone-image-based bill payment, the primary costs incurred are
software and consulting for the initial deployment, an increase in volume-based fees paid to the
bank's existing biller, and new volume-based fees paid to the provider of this new capability. For
the mid-tier bank used as an example here, the following primary costs were expected:
• Software: For Mitek Mobile Photo Bill Pay, the bank is expected to pay US$200,000
and an annual license maintenance fee of 18%.
• Hardware: The bank is expected to invest US$7,500 in servers for operating Mobile
Photo Bill Pay and the storage of bill images uploaded by customers.
• Consulting: For the deployment of Mobile Photo Bill Pay and its integration with the
bank's billing-related systems and hardware by consultants, the bank is expected to
pay US$50,000.
• Volume-based fees—Mitek: Based on the number of adopters detailed in Figure 3,
the average number of annual bills paid per customer, a US$0.50 fee per biller
onboarded, and a US$0.25 bill paid per payment, total fees paid to Mitek are
expected to total US$2.3 million over the three-year period following adoption.
• Volume-based fees—biller: The increased volume of bills processed by the bank is
expected to result in an additional US$392,144 in payments to its bill processer
during the three-year period following adoption.
Year 1 Year 2 Year 3 Total
650,475 1,268,426 2,198,606 4,117,507
Estimated annual benefit—new fees
65%
15.00
Gross margin on fees
Average fee to be charged for expedited payment
Estimated percentage of bills for which users elect to pay an expedited fee
Average annual number of bills paid per Mobile Photo Bill Pay user
3.50%
30bills

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NETTING IT OUT—THE METRICS
With the quantified benefits of Mitek Mobile Photo Bill Pay exceeding the costs, the deployment
at the mid-tier bank used as an example saw the favorable metrics detailed in Table A. The high
rate of return on this potential deployment is indicated by the estimated ROI of 640% and
average annual net benefit of US$1.6 million. The estimated payback of 0.37 years indicates a
relatively low level of risk.
Table A: Deployment Snapshot
Evaluation parameter Relevant metric Outcome
Return ROI 640%
Risk Payback 0.37 years
Profitability Average annual net benefit US$1,646,963
Source: Aite Group

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CONCLUSION
Banks have a significantly underutilized asset in their bill payment platforms. Although these
systems are the result of substantial investments in software, data integration, and customer-
facing Web assets, only 15% of Americans' bill payment activity is the result of recurrent activity
at their banks' bill payment sites. One challenge banks face in increasing use of their bill
payment sites is consumers' propensity to switch bill payment methods for convenience,
discounts, and rebates. Another factor is the number of choices consumers have; they can pay
by mail, in-person, with a credit card, over the phone, or at billers' websites. In competing with
these rival bill platforms, banks have a new asset in the form of smartphone-image-based bill
payment. One example of this technology, Mitek's Mobile Photo Bill Pay, enables consumers to
photograph bills with their smartphones and use the resulting images to onboard billers, pay
bills, and expedite bill payments.
In examining banks that were early adopters of Mitek's Mobile Photo Bill Pay, Aite Group
identified deployment benefits that include broadening the use of bank-based bill payment to
new populations, reducing call center costs, and making it easier to lure customers from rival
banks. Quantifiable benefits of increased bill-pay adoption include higher DDA balances, lower
churn, and new fees. Less quantifiable benefits include reducing the volume of bill payment
troubleshooting in call centers and using the convenience of this technology to attract new
customers. When Aite Group examined a potential adoption of this technology at a mid-tier,
multi-state regional bank, the quantifiable benefits of the deployment exceeded its costs,
resulting in relatively strong ROI and payback metrics.
Addressing the underutilization of banks' bill payment platforms presents a substantial
opportunity. Bankers seeking to broaden their share of the average consumer's financial
transactions should take the time to assess a potential adoption of smartphone-image-based bill
payment at their bank. By combining metrics on the size and demographics of their customer
base with Aite Group findings, they can estimate the number of their customers likely to adopt
this new technology. Moreover, with this addressable market sizing in hand, banks can apply a
small handful of other metrics—such as the reduction to churn that occurs with bill payment and
the likelihood of consumers to expedite bill payment—and can also quantify the benefits
presented by higher DDA balances, reduced churn, and new fees.

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ABOUT AITE GROUP
Aite Group is an independent research and advisory firm focused on business, technology, and
regulatory issues and their impact on the financial services industry. With expertise in banking,
payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive,
actionable advice to key market participants in financial services. Headquartered in Boston with
a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its
clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they
remain at the forefront of industry trends.
AUTHOR INFORMATION
David O'Connell
+1.617.338.6001
doconnell@aitegroup.com
CONTACT
For more information on research and consulting services, please contact:
Aite Group Sales
+1.617.338.6050
sales@aitegroup.com
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+44.(0)207.092.8137
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