6 Ways That Chatbots Can Transform Your Customer Bill Pay Experience

Chatbot Insight

"Hi, my name is Penny. How can I assist you today?"

Chances are, while browsing a retail site or navigating a bill payment portal, you've been met by a chat box run by “Penny,” an eager (though likely fictional) assistant looking to help guide you through your shopping or payment journey. This tool, known as a chatbot, is quickly becoming one of the most powerful customer service tools for today's leading billers.

Consumers are increasingly becoming more comfortable with utilizing a chatbot to resolve their issues, pay their bills or find the answers to commonly asked billing questions. Chatbots have seen a 92% use increase since 2019, making it the brand communication channel with the largest percentage of growth.

A large part of this surge in popularity can be attributed to the fact that innovations in chatbot technology have led to a very human-like ability to communicate with customers and address issues. Through AI-powered machine learning and improved language processing skills, the experience that they provide a customer is almost indistinguishable from an interaction with a human agent.

Let’s explore the functionality and usefulness of this technology to better understand just how valuable of a tool it really is.

  1. Optimizes allocation of human resources - Chatbots can hold and drive conversation with customers, take payments and be a powerful resource to offload many routine functions that currently tie up human resources, allowing human agents to focus on more complicated customer service tasks.

  2. Allows customers to self-serve - Whether your customers work odd hours, have an accessibility issue or just prefer to not deal with a live agent to take their payments or resolve any questions and issues, chatbots are available 24/7 to allow your customers to take action at a time that is most convenient for them.

  3. Ensures a safe customer bill pay experience - Give your customers peace of mind with Secure Service® technology to shield your business from sensitive cardholder information during the chatbot-powered payment process. Using chatbots developed with industry-leading technology ensures encrypted transactions and safeguarded data.

  4. Provides a customer service experience equal to that provided by live agents - According to data from PwC, 27% of consumers were unsure if the last customer support interaction they had was with a real person or a chatbot. With AI-powered chatbot technology, which is becoming more human-like every day, the customer experience that they provide will continue to evolve and improve.

  5. Cuts costs while upgrading service - Embracing chatbots can reduce your customer support costs by 30% or more (IBM). With economic uncertainty and an increased emphasis on getting the most bang for your buck when it comes to payment partnerships, chatbots can help organizations increase profitability with tools already in place.

  6. Addresses customer issues more quickly as part of a public relations strategy - When customers have questions about their account or are experiencing issues, they can sometimes take their frustrations out on social media. Chatbots can offer an immediate response and work as a reputation management tool to prevent these incidents.

With a customer service tool that is continually improving and evolving, the long-term forecast for chatbot adoption is clearer than ever before.

Does your payment solutions partner offer seamlessly integrated chatbot customer support? And do you know how to best leverage the benefits that a chatbot component provides?

Let one of our billing and payment experts walk you through how to best implement essential cutting-edge customer service tools to make sure that your customers are happy, their bills are paid on time and your retention rate continues to outperform that of your competitors. Schedule a quick, 15-minute demo on how to elevate your customer service and payment experience. Help your organization use your payment partnership as a driver for better overall success now and in the future.