Exploring The Current Payment Landscape, As Well As Trends Shaping Payment In Utilities
A shockwave of change has ripped through organizations across all industries, reshaping the way companies do business and serve their customers. The payment landscape has not been immune to this forced evolution, in fact it has probably changed forever.
We have selected articles that discuss this ‘payment evolution’ and specifically how payment in utilities is transforming to better serve the changing needs of utility customers.
We end off with a comment from Sean Kennelly, who discusses the main challenges around bill delivery and payment in utilities today and how to overcome them.
The Main Challenges Around Bill Delivery And Payment In Utilities Today And How To Overcome Them
I see two primary challenges for bill delivery and payment in utilities. First is minimizing client friction and getting clients on to automated payment methods. Some customers prefer to pay whenever they want, however they want, in an ad-hoc way. This can cause payment delays and require extra human effort in terms of managing the collections/repayment process.
The second challenge lies in back-end functions, such as settlement, reconciliation, and collections, which can require manual processes and a lofty number of resources if the utility does not have the right technology and partners available to support them.
An omnichannel payment experience is key
Because customers want to choose how and when they pay their utility bills, a range of payment methods is required that leverage available technologies and channels. Customers also want the ability to move seamlessly between payment channels and methods as their preferences change.
Providing an omnichannel payment experience means offering a variety of self-service and biller-assisted payment methods, enabling customers to personalize their experience.
Digital billing and payments platforms deliver highly efficient payment processing and faster collections
Modern digital billing and payments platforms are customer-centric and intuitive, making e-adoption easier and driving cost efficiencies. Customers are motivated to go digital based on user-friendly interfaces, real-time posting, and the ability to set personal payment reminders/alerts.
Utilities benefit from the detailed and conclusive reporting on the full payment lifecycle, from authorization through funding, and reconciliation. In addition, a more efficient process (for both biller and customer) promotes faster payments, easier reconciliations and reduces the cost of collections.
Doxim’s Billing and Payment Solution is purpose-built for Utilities
Doxim’s suite of secure, multi-channel billing and payment solutions supports the entire bill-to-payment process, from composition, bill design and presentment to payment collections, account management and communications.
Need an innovative billing and payment solution that is purpose-built for Utilities?
Vice President, Product Management for Payments and CEM
With close to 15 years of industry experience, Sean Kennelly brings a wealth of technical knowledge to Doxim. During his career, he has led both Managed and Professional Services teams, and been involved in both Project and Product Management; he has also led both presales engineering and business development teams responsible for growth of a product portfolio across North America. For the last decade, Sean has been heavily involved in the support, implementation, design, and planning of Doxim's engagement management platform.
This experience, as well as his engagement with hundreds of North American financial institutions, informs his vision around origination, analytics, and customer experience strategy. Sean has been closely engaged with Financial Institutions across North America, As Doxim's VP of Product Management for Payments and CEM. Sean leads an experienced team, as they identify, plan and build the right solutions for the complex problems faced by today's clients.