Takeaway and Call to Action

Cell phone plans are a staple of every consumer’s budget.  Financial institutions should use that to their advantage. 

Make sure account holders are using the financial institutions debit card or credit card to pay their cell phone bill to create an interchange revenue annuity. Forty-percent of account holders pay their cell phone via automated clearing house (ACH); 47 percent of the total dollars paid to cell phone bills are paid via ACH. Financial institutions should look at their own internal transaction data  to determine interchange revenue opportunity. 

Financial institutions can also use transaction analysis to show if account holders are not paying a cell phone bill form their institution, which can be a flag that they don’t have primary financial institution status.