Rene: Payment technology over the last 25 years has really changed a lot.
David: When I was a kid it was all about checks and cash and standing in line at the ATM. Now I have two sons, they're 13 and 16, and it's all about Zell, ChasePay, QuickPay. They never see cash, they never write checks. Consumer payment behavior is fundamentally changing. Bank mobile app usage continues to rise every year for consumers. Millennials are definitely leading the way with 67% adoption. But it's not just the millennials. 55% of GenXers and 32% of boomers are using bank mobile apps.
Jennifer: The adoption of new payment systemsis much faster on the consumer side. We're seeing very strong interest in the business side, but there are other considerations such as technology they have to consider to really adopt it.
Rene: Businesses are still relying on the paper process.Filing cabinets full of source documents, invoices, contracts, sticky notes, checks to write.
David: Checks cost on average four dollars a unit to process. So businesses today spend over $180 billion a year in payments. Just by reducing that cost spend alone there's a huge opportunity.
Jennifer: I think that our experience in our everyday lives is really impacting what we want to see at work. So if you're a consumer, you can pay your coffee through your phone or through your watch. And the simplicity and the few clicks that we're experiencing on the consumer side, we're bringing into our daily lives in business and really wanting the same thing from B to B payments.
Rene: You can track where your pizza is in the process, in the oven or in the delivery car or at your doorstep. Why shouldn't you be able to track payment? JPMorgan Chase and Bill.com are focused on reinventing business payments. Our process is talking to customers on a regular basis. We go after our customers and do research with them all the time about the screens and how they're working for them and what's easy for them and what's not easy for them. And that process, whether you're talking to prospects or customers, creates a much more efficient learning group for us as a developer.
Jennifer: A significant challenge of banks today is speed to market and just constantly adjusting globally to all of the different payment expectations. And so that's really where the fintech industry comes in. A great example of collaboration with the bank and fintech is the firm's work with Bill.com. We brought to market Cashflow 360. It's an online payment portal that helps automate the accounts receivable, accounts payable process and brings other workflow efficiencies.
David: It's really important that the bank partner with a fintech.
Jennifer: Banks certainly bring some strength to the payment landscape. First is a customer base. And tied to that then is processing scale. And then third, banks bring regulatory and compliance expertise as well.
David: Fintechs move very quickly, they're not burdened by legacy infrastructure, they think very differently and they're very focused on a narrow set of customer problems.
Jennifer: The solutions that we've launched recentlyand are currently in development are really designed to give our clients more options. Ultimately our goal is to give our clients options to make payments faster, safer and more cost effectively. The future of payments is really allowing clients to make payments anytime from anywhere.
Rene: It's really about the information and in order to make the digital payments you need a tremendous amount of information at your fingertips. But the information isn't there without services and platforms like what we're building with Chase.
David: It's a really exciting time to be a bank in the payment ecosystem. We have all the assets, we move $5.4 trillion a day in payments today. We have all the options open to us. We can partner, we can buy, we can build. We can help shape and drive this landscape for the foreseeable future.