What’s The New Imperative for Electronic Bill Payment?
A big shift is emerging in my personal interviews with over 40 leaders responsible for electronic bill payment. Integration is the new imperative! Over the last year leaders began citing integration as a key reason why they selected their new system. Yet, in years prior integration was absent from our conversations.
The Integration Imperative
Leaders cite integration as essential to deliver a great customer experience, quick implementations, avoiding additional software development and delivering real-time financial data. When I asked them why they selected their electronic bill payment system, they said
- “Clean and easy member experience”, stated one SVP
- “Quick and efficient implementation”, said a CFO
- “No additional programming by our staff”, reported the Director of Information Technology
- “Real-time financial data into our ERP”, replied one CTO
Integration is not easy. Our experience has shown successful leaders focus on integrating three key areas.
Three Key Areas to Integrate
1. Omni-Channel Customer Experience
Most consumers now use multiple payment options each month and expect their preferences to be remembered across all channels. When disparate systems don’t communicate, consumers are forced to provide information multiple times, which leads to a lengthy, unsatisfying experience. Ensure your system integrates each of these areas across all channels:
- Card & ACH information
- Billing accounts
- eBilling preferences
- Notification preferences
- Customer contact information
- Future and past payment records
Siloed Electronic Bill Payment Systems Must be Integrated
2. Employee Touchpoints
Lack of electronic bill payment integration costs American companies $380 million per year due to lack of productivity and efficiency. When your staff has to manage and update redundant systems that waste their time and your money, it is enough to get them pulling their hair out. Ensure you integrate these employee touchpoints
- Consumer marketing adoption strategy
- Implementation project plan
- Customer service representative interface
- Administrative interface for real-time reporting of billing & payment activity
- Deposit into bank account
- Posting file into ERP system
- eBill storage location
- Merchant acquirer relationships
- Business rules and configurations
- Compliance & regulatory reports
3. ERP System
Real-time integration into your ERP system ensures that you and your customers have the most up to date information to enable powerful dynamic targeted marketing, prevent unnecessary service disconnections and reduce consumer complaints. Imagine a consumer coming in to view their car insurance bill for $100 seeing a targeted promotion offering them a $10 discount if they add a life insurance policy with you. Seamless integration would enable that consumer to immediately add the life insurance policy and then see the $10 discount updated on their bill.
What do you see as emerging imperatives for electronic bill payment?
Related Blog Posts
Women in Payments: It’s Time to Get Out of Your Comfort Zone
As we gear up for Money 20/20 U.S next month, we are excited to shine a spotlight on Natalia Ruiz, manager, Payments Risk Solutions at ACI Worldwide, who was recently selected to be part of the 2019 Rise Up Academy. This global program created by Money 20/20 addresses the gender imbalance in leadership positions within the Financial Services and Fintech industry.
Universal Confirmations: Get Ready for 2020
With the arrival of universal confirmations, we sit down with some industry experts to find out more about what impact this will have on transforming cross-border payments. We’re welcomed by Fabien Depasse - Head of SWIFT gpi Customer Success at SWIFT and Craig Ramsey - Head of Real-Time Payments at ACI Worldwide.
How to be a Payments Trailblazer – The Seven Habits of Highly Innovative Organizations
The new Culture of Innovation Index from Ovum and ACI identified segments—from banks to intermediaries to merchants to corporates—at the cutting edge (of innovation) across the payments ecosystem. But what is most notable about those segments that have reached ‘trailblazing’ status is the apparent lack of commonality between them. No one segment, nor one region fosters better innovation. In fact, what’s driving these segments/organizations to be best of breed is their own culture of excellence. The only thing they have in common is their attitude.
How will SWIFT gpi Impact Latin America?
As the world continues to transition toward real-time, and technology continues to evolve, new challengers are disrupting the market with value propositions including real-time cross- border payments. The competition has inspired SWIFT to work with the industry and challengers to create the Global Payments Innovation (GPI) program, which radically changes the way banks interact with their correspondents and offers improved transparency and customer service to their customers.
The Middle Eastern payments revolution: Getting Real-Time Ready
The Middle East is developing quickly and considerably. The population has surpassed 410 million and a number of nations, such as Saudi Arabia and the United Arab Emirates (UAE), represent some of the world's most innovative economies. The region has become synonymous with the rise of large infrastructure developments and technological innovation, while tourism continues to grow - 1.4 billion people visited in 2018 alone.
Why India's Payments Players Need to Fight Fraud with Machine Learning
By 2023, experts are predicting 60 billion UPI (Unified Payments Interface) transactions annually, accounting for more than 50 percent of India’s total digital payments transactions. And it’s estimated that today nearly 50 percent of all real-time payment (RTP) transactions globally are processed in India. It’s an exciting market for payments innovation, with a wide range of digital overlay services available to consumers and merchants, thanks to the introduction of UPI.
The Untapped Opportunity of Machine Learning for Real-Time Payments Fraud Prevention
Artificial Intelligence (AI) is among the buzzwords of the moment, but when it comes to tangible innovations that have the potential to drive rapid ROI, machine learning should be part of every bank or processor’s strategy. No matter the size of the institution.
European Banks Have the Right Tools to Stay Ahead – But Will Big Tech Overtake?
Open banking and immediate payments have come a long way, according to the panelists who joined me during the ‘Open Banking in an Instant World’ session at EBAday in Stockholm recently. The building blocks are now falling into place through the introduction of national and regional schemes, open banking initiatives, regulations such as PSD2 and the acceptance and use of APIs.
How UPI is Driving India's Shift from Cash to Digital Payments
The Indian economy has traditionally been heavily dominated by cash, while experiencing low adoption of various online payment systems including National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and inter-bank mobile payments. The dominance of cash is evidenced by the ratio of cash withdrawals at ATMs vs debit card usage at Point of Sale (POS)—ATM transaction volume is more than 2x greater than POS.
Regulating for Real-Time: The Role of Government in Payments Modernization
Dr. Leo Lipis and Craig Ramsey, Head of Real-Time Payments for ACI Worldwide, continue their discussion on real-time payments and the findings of the new white paper, Get More from Real-Time.