Billing and Payment Innovations for 2023 and Beyond

Innovation Insight

As we head into a new year, it’s never too early to start evaluating your current billing and payment solutions. Cutting-edge innovation involving technology like chatbots and anticipatory ways to pay using Artificial Intelligence and Machine Learning are helping to streamline and simplify what has traditionally been the more labor-intensive parts of billing.

So what are experts in billing and payment technology excited about for the new year?

The continuing evolution of digital wallets like Apple Pay, PayPal and VenmoDid you know that 43.2% of U.S. smartphone owners use mobile payments, with that number steadily growing each year? As consumers embrace the ease and convenience of mobile payments, digital wallet technology is also evolving to ensure those payments are always safe and seamless.

With CIS companies embracing digital wallet technology when it comes to utility bill payments, millions of consumers have opted-into this payment method. Studies have shown that not only are digital wallets a safe method of bill payment, the added convenience also increases the likelihood of consumers making on-time payments.

Next-gen money movement is changing the way banking works
Payment processing partners, which provide the network between the card-issuing bank and the organization accepting that card as payment, are benefiting from advancements in money movement solutions.

Those leading the charge of improving the technology that powers banking and fintech are structuring their solutions around owning client relationships rather than the previous paradigm of transporting money from point A to point B. As the way consumers spend and manage their money changes, banks and other organizations must also keep up with the times and ensure that payments become more uniform as businesses continue to go digital.

Payment technology as a customer support tool
During the pandemic, many organizations and businesses began their digital transformation out of necessity. Tools like chatbots that use Machine Learning not only reduce the cost to serve customers but can also provide more robust and accessible customer support.

Consumers love having the ability to pay their bills at the time and place of their choice. Technology-powered customer service solutions offer 24/7 access to customer support to answer questions they may have about their bill or resolve outstanding service issues.

And options like AutoPay give customers the ability to easily manage future payments with outbound notifications and a user-friendly interface that make more timely payments possible. Smart customer service tools like advanced notifications with the ability to pay directly from the message received can provide a way for consumers to pay their bills without needing human assistance. All of these things can help organizations more effectively manage their team’s time and resources.

There’s never a bad time to take an inventory of how you are billing your customers and what you can improve about your existing processes. But many billers are using the start of a new fiscal year to audit their billing and payment processing partners.

Ask yourself some questions:

  1. Is your digital transformation helping to put your customers in complete control of their finances?

  2. Are you using a unified platform with next-generation capabilities that allows customers to easily manage and pay bills consistently through the channel of their choice?

  3. Have you joined the 66% of businesses and organizations who report that using technology like AI and chatbots has had a positive impact on their bottom line?