Big Winners & Big Losers Will Result from Electronic Bill Pay
Electronic bill pay will experience dramatic transformation in the coming years, creating a clear divide between the winners who reap the big benefits and the losers who become obsolete.
To end up on the winning side, consumer finance, insurance, government, utility, higher education and other billers need a clear perspective on what the future will hold.
In the future, winning billers will:
1. Disrupt - Recognize the large percent of card payments that come from a single bank and set up a direct clearing relationship with that bank, disintermediating the expensive and slow legacy payment networks;
2. Save - Lower overall costs by securing direct clearing relationships with partnering banks;
3. Speed - Payments will settle instantly thanks to direct clearing relationships with banks
4. Harness Big Data - Collect the big data that will help billers serve customers in a more personalized way, responding to their history, preferences, location and more;
5. Discover New Revenue - Develop new sources of revenue from actionable offers and advertising from sourcing brands and complementary businesses;
6. Steer - Direct remittance choices to the lowest cost/preferred funding sources and channels offering more robust functionality;
7. Satisfy - Delight customers with an omni-channel experience that delivers interactive customer engagement
An any to any payment network that directly links billers with banks, retailers and consumers will be required to win big in the future.
Will your organization win big? Finding the winning path requires the objective evaluation of new market forces at work and an updated view of the new role that electronic bill pay can play in your firm’s overall success. Discover how, by downloading Bill Pay’s New Manifesto: Omni-Channel Strategy with Interactive Customer Engagement, the latest whitepaper from Crone Consulting LLC.
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