“Choice is the number one thing people look for in bill pay apps,” Dan Holt, BillGO’s CEO, recently told an audience of financial services executives.
And although choice tops the list, he said, it’s not the only thing. Consumers also want a way to manage all their bills in one place. And they want functionality that let’s them decide how and when bills get paid.
“If you don’t deliver on those consumer expectations,” Holt told the executives, “your customers are going to go somewhere else.”
Which is exactly what has happened. A decade ago, financial institutions (FIs) owned a significant chunk of the online bill pay pie. Now only about 2-in-10 consumers use the bill pay platforms their FIs offer.
The reason: although clunky and cumbersome, most consumers elect to pay their online bills directly to their billers because doing so gives them some degree of control. That’s right: even though paying online bills directly to billers means users must juggle a variety of login credentials each month, they prefer that experience to the one legacy bank bill pay products provide.
In order to reverse this trend FIs must give their customers the kind of optimized bill pay experience they want — one offering choice, consolidation and control. By doing so, it can serve as a magnet that draws customers back to their institutions.
Find out how. BillGO’s just-released eBook, Building the Business Case for Modern Bill Pay, reads like a how-to manual for FI executives looking to build an iron-clad case on behalf of modern bill pay.
Included in BillGO's eBook:
- Up-to-date research detailing consumer digital-banking preferences and priorities
- Executive testimonials confirming the competitive edge modern bill pay can deliver
- Analyst insights verifying the growing popularity of digital wallets
- Data documenting how small business owners can benefit from modernized bill pay
Investing in a modern bill pay platform requires a commitment of time and resources, but — as Building the Business Case for Modern Bill Pay shows — it’s an investment that can drive …
- Enhanced customer satisfaction
- Long-lasting customer relationships
- Reduced back office expenses
- Improved efficiencies
- Market differentiation
- New revenue streams
As Dan Holt writes in the eBook’s introduction: “ask yourself which strategies will most likely put you in-step with the expectations of your customers. After reading this eBook, I think you will agree: modernizing bill pay for your customers will be high on that list.”
Next Steps
Ready to make optimized bill pay part of your 2022 customer satisfaction strategy? Download your complimentary copy of BillGO’s latest eBook, Building the Business Case for Modern Bill Pay.