Does Your Payment Solution Meet Customer Expectations?

by | Aug 14, 2020

Is your utility keeping up with the rapidly-changing payments industry? Customers today expect a level of convenience and availability in their transactions that would have been unthinkable just a few years ago.

If you don’t have a plan to keep pace with their changing expectations, you may pay the price in terms of customer experience and CSAT scores. Problems with payments can rapidly become complaints about your whole utility across social media, causing your organization to take an overall reputational hit.

Thankfully,  enhancing your payment process doesn’t have to be a huge task. In fact, modernizing your payment process can be done quickly, seamlessly, and without any disruption to your customers. The first step is to understand how to reach your payments audience and optimize their transactional experience.

What are your customers looking for?

By understanding what your customers want in a payment solution, and then picking a vendor who can meet those needs, you can boost customer engagement, increase loyalty, and even cut your operational costs.

A modern payment solution takes into account three areas of customer expectation to deliver the best experience possible. In a nutshell, these areas are:

1) Ease of use. Today’s customers are busier than ever, and they don’t have time for a prolonged payment process. They want to review their bill and complete the payment process in as few simple steps as possible.

2) Choice of payment options. Your utility customers come from a variety of demographics. Some will be quick to adopt the latest and greatest in digital payment options, while others still feel most comfortable interacting with a CSR. Your payment solution needs to support all these diverse needs through a central solution.

3) Security. Customers rightfully expect that your utility will do everything in its power to protect their sensitive financial information, and the news cycle keeps them very aware of high-profile cyber-attacks and data breaches. By investing in a secure payment solution, you safeguard both your reputation and their data.

Selecting the right vendor to enhance your payment strategy

A customer’s billing and payment experience have a profound influence on their perception of your utility as a whole, so enhancing this experience should be part of your broader customer experience strategy. But to transform your payments to an omnichannel approach, you need a robust combination of strategy, technology, and expertise. Balancing customer experience, security risk mitigation, and checkout conversion optimization is a challenging task.

The good news, though, is that you don’t have to reinvent the wheel. In fact, by working with a utility-focused billing and payment provider, you can draw on existing industry expertise to increase your revenue and improve customer relationships without increasing the burden on your internal teams. If you are considering such a project, we’re always happy to consult with you on the best approachJust click below to book our conversation.

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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