We’re all taking longer to pay our bills
Gen X are worst offenders for late collections.
A recent survey found consumers in Asia Pacific (APAC) were taking longer to pay off their household bills, as well as highlighting significant increases in the number of first-time missed payments.
FICO conducted a survey of 37 senior collections managers from across Asia Pacific in November 2016.
Three out of five (60%) respondents from banks, telecommunication and utilities companies said customers in the region had taken longer to pay their bills in the past year.
There was substantial growth within the 60-days-past-due segment, according to 41% of respondents.
Almost three quarters (72%) reported an increase in the number of first-time delinquents (unpaid).
Generation X (35-55) were the group with the greatest proportion of late collections (47%), while older millennials (24-35) were least likely to make late payments.
Respondents said mobile communications and automated collection strategies were the most helpful solutions for customers to make prompt, scheduled payments.
Around 60% of managers said these procedures improved payment efficiency by 1-2 days, while a further quarter of respondents (25%) said their time-to-collect had been shortened by up to two weeks.
78% of managers reported higher customer satisfaction among customers using automated services.
The survey also revealed three in four collections managers anticipate a 10-25% rise in cases during 2017.
It's understandable people aren't paying bills on time, considering electricity prices throughout Australia have risen across every state, except for Victoria and the Northern Territory, since 2015.
Use our comprehensive guide to compare and contrast different offers from a variety of energy suppliers.
We've also got tips to help you properly read your energy bill and understand the fees you encounter.
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